Carvana Co (CVNA) Kicks Off a Fresh Bullish Cycle

company
Elliottwave_Forecast
05-07

Carvana Co (NYSE: CVNA) has rebounded impressively over the past 2 years after a 98% decline between 2021 and 2022. The stock recovered most of its losses, forming a strong impulsive structure that signals further upside potential. With a continuation pattern in place, CVNA appears poised to challenge new all-time highs. This article delves into Elliott Wave analysis, uncovering bullish formations that could appeal to both investors and traders.

CVNA Weekly Chart

Elliott Wave Analysis

The weekly chart of CVNA illustrates an impulsive 5-wave move from the wave ((II)) low at $3.62. The stock surged 8000%, completing wave (I) at $292, followed by a 3-wave corrective pullback in wave ((II)), bottoming at $142. Subsequently, CVNA initiated its next bullish phase in wave (III), aiming to break above the February 2025 peak to confirm its upward structure. Most importantly, if the stock establishes a bullish sequence, the next leg targets the Fibonacci extension range of $437 – $505. Consequently, this signals sustained bullish momentum toward new all-time highs.

Conclusion

The bullish Super Cycle for CVNA remains in progress, presenting opportunities to buy daily and weekly corrective pullbacks using our Elliott Wave strategy. The preferred approach is to enter positions after the stock completes a 3, 7, or 11 swing sequence from its peak. Additionally, utilizing our extreme Blue Box system refines entry points, providing clarity and precision in trading decisions. Explore our system to gain deeper insights into this methodology.

 

Discover the potential of Stocks & ETFs investing with our Exclusive 14-Day Trial.

✅Master the art of trading our Blue Boxes using the 3, 7, or 11 swings sequence

✅Access 78 instruments analyzed across 4 different time frames

✅Join Live Trading & Analysis Sessions hosted daily by our Expert Analysts

✅Enjoy 24-hour chat room support and much more

Take the opportunity to explore fresh ideas and sharpen your trading skills. Start your journey today!

Source:https://elliottwave-forecast.com/stock-market/carvana-cvna-bullish-cycle/

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment