Uber: Consolidation

The rally that began at the turn of the year has recently transitioned into a phase of consolidation, leaving our primary outlook unchanged for now. During the magenta wave [iv], we anticipate another pullback toward the support at $53.26, where the subsequent wave [v] should begin. This wave [v] should eventually propel the price beyond the resistance at $87, where we also expect the high of the broader turquoise wave 3. A premature breakout is also conceivable, given the extent of the current pullback. However, for this 30% likely alternative scenario to be confirmed, the stock would need to decisively breach the $87 mark.