Lyft, Inc.Short
$LYFT: Taking a LYFT back to the gap
Hey there! This is my short-term analysis for LYFT, feedback is appreciated!
My Reasoning:
# RSI is overbought.
# Elliot Waves: EW counts are subjective - some could count X amount of waves and some will count Y amount of waves. IMO we are on the 5th wave, but I could also see people saying we are on the 3rd Wave. Nonetheless, a corrective wave could follow.
# LYFT has fully recovered back to the channel it was housed in before COVID - Going above this channel (resistance) even though the company is still having a very hard time seems unlikely to me.
# Approached a major resistance (Pre-Covid Resistance) and momentum seems too exhausted to break it.
# MACD just turned Bearish.
# Huge gap with potential to be filled? Also, the gap is located just below wave 4 - and the ABC corrective waves typically fall below wave 4.
Have a great weekend.
LYFT, feedback is appreciated!My Reasoning:
# RSI is overbought.
# Elliot Waves: EW counts are subjective - some could count X amount of waves and some will count Y amount of waves. IMO we are on the 5th wave, but I could also see people saying we are on the 3rd Wave. Nonetheless, a corrective wave could follow.
# LYFT has fully recovered back to the channel it was housed in before COVID - Going above this channel (resistance) even though the company is still having a very hard time seems unlikely to me.
# Approached a major resistance (Pre-Covid Resistance) and momentum seems too exhausted to break it.
# MACD just turned Bearish.
# Huge gap with potential to be filled? Also, the gap is located just below wave 4 - and the ABC corrective waves typically fall below wave 4.
Have a great weekend.
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