$ABNB: Airbnb Stock Nesting before Acceleration Higher

Airbnb is an U.S. American corporation operating an online marketplace for short- and long-term homestays and experiences. Hereby, the company acts as a broker and charges a commission from each booking. Founded in 2008 and headquartered in San Francisco, California, USA, Airbnb can be traded under ticker $ABNB at NASDAQ. There, it is a component of the Nasdaq-100 index.

Airbnb Weekly Elliott Wave Analysis 09.05.2023

The weekly chart below shows the Airbnb shares $ABNB traded at NASDAQ. From the all-time lows, the stock price is showing a nest and a new bullish cycle in progress. Firstly, initial rally from IPO in blue wave (I) of super cycle degree has ended in February 2021 by printing the all-time highs at $219.94. Secondly, correction lower in blue wave (II) has found bottom in December 2022 at $81.91 lows. Hereby, it shows an Elliott wave regular flat pattern being 3–3–5 structure. Also, red wave c of flat has reached 122.02–66.04 equal legs extension area based on the length of red wave a.

From the December 2022 lows, new cycle in blue wave (III) has started. Break above $219.94 will confirm that. Within blue wave (III), one can see two nests in black waves ((1))-((2)) and blue waves (1)-(2). Soon, acceleration higher should take place within blue wave (3) of black wave ((3)). Hereby, black wave ((3)) can see following targets: $166, $205, $229 and even higher. Investors and traders can be looking to buy short term pullbacks in 3, 7 swings expecting more upside. The target for blue wave ((III)) is towards 300–435 area and even beyond in the long run.

Source: https://elliottwave-forecast.com/stock-market/airbnb-nesting-acceleration/