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eBay Rally Aiming For Break To New All Time Highs

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eBay Rally Aiming For Break To New All Time Highs

eBay (NASDAQ: EBAY)is the worlds largest online marketplacethat facilitates consumer-to-consumer and business-to-consumer. The companywas founded in 1995 and currently operating in about 30 countries.

The stock is up nearly 40% so far this year and the move higher was supported by a better-than-expected first-quarter results which sawimprovement across several key operating metrics. The company is scheduled to report earnings after todays market close Wednesday, July 17 and investors are looking for further confirmation about the recent enhancements.

We believe the market is ruled by technical aspect and the news is an after-fact event to drive the market into the pre-determined direction, therefore itsimportant to understanding the Nature of the Market is key for traders which doesnt have anything to do with Fundamentals or events.

Based onElliott Wave Theory , EBAY rally from December 2018 low unfolded asan impulsive 5 waves movewhich ended red wave I followed by a correction in 3 waves pullback in red wave II then the stock turned to the upside again creating a higher high bullish sequence which is aiming for a target higher at equal legs area $48 $51.

eBay 4H Chart 7.17.2019

Ebay 4H Chart 07.17.2019

In the above 4H chart, we are looking for eBay to remain supported above $35.45 low and ideally it will find buyers in any 3 swings or 7 swings pullbacks taking place in the short term. The bullish sequence which started form December 2018 low is part of a larger degree cycle which can be observed on the next chart.

eBay Weekly Chart 7.17.2019

Ebay Weekly 07.17.2019

The sequence tags and Blue Boxes presented in our charts alongside other tools are used on a daily basis to locate the Right Side of the market which is in the case of ebay higher . Consequently, as long as the stock trade above 26 then it will be aiming to continue the rally higher within the main weekly trend with a minimum target for a 5th wave at $52 $60 area which means new all time highs will be expected to be seen in the coming weeks.

Explore a variety of investing ideasbytrying out our services 14 daysand learning how to trade our blue boxes using the 3, 7or 11 swings sequence.You will get access to our 78 instruments updated in 4different time frames, Live Trading & Analysis Session done by our Expert Analysts every day, 24-hour chat room support and much more.

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About the author  (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients.

ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, cycles, proprietary pivot system, we provide precise forecasts with up-to-date analysis for 42 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary actionable trade setups, market overview, 1 Hour, 4 Hour, Daily & weekly wave counts. Weekend webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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