Vinco Ventures ($BBIG) Still looking higher

Vinco Ventures is an interesting stock. Recently it has had a surge from $2 to just under $13. So what is behind the sudden move? Lets take a look at the company profile:

“Vinco Ventures, Inc. leverages the new market opportunity by utilizing their B.I.G. Strategy: Buy. Innovate. Grow.

Buy — Acquisitions is our model. We will seek to acquire significant brands to continue to add to the Portfolio.

Innovate — Leverage the internal traffic platforms of Honey Badger and Social Pulse Media, our brands are able to quickly innovate and determine the highest conversion traffic and target accordingly. Once identified, we scale while maintaining conversions for success.

Grow — More targeted traffic equals more conversions. With our internal engines, we are able to expedite growth of our acquired brands to reach their target numbers quicker.”

Recently, some of their plans include the NFT market which does expose them to the crypto world in a way. Lets take a look at the charts!

Vinco Ventures Elliottwave View:

Medium term term view from the Jan 2021 low. the stock experienced a large overnight gap up which marked the peak of Red I. After that the stock pulled back in consoldation and formed a low in Red II on April 16/2021. From there, another (1) and (2) took place, which bottomed on 8/19. After that, the attitude of the stock took on a classic wave 3 impulse which left many traders chasing price action higher.

The stock took its time to complete (3) which peaked on Sep 8 @ 12.49. However there is now an incomplete bullish sequence which is pointing to at least one more high to take place. It is currently favoured the stock has bottomed in (4), or can be close to doing so. One more leg higher can take place before another larger pullback may take place in ((2)).

With these meme stocks, it is important to expect extreme volatility, and to use correct position sizing.

Source: https://elliottwave-forecast.com/stock-market/vinco-ventures-bbig-still-looking-higher/

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