Uber: Turning Point

Uber has retreated deeper into our magenta Target Zone (coordinates: $68.19 - $52.89). Primarily, the same-colored wave (iv) correction should be in its final stretch. In order to convince us of a low, the price needs to develop a clear impulse to the upside. The entire range can be used to open long positions. As a hedge, a stop could be placed around 1% below our Zone. Following the correction, we primarily assume that the magenta-colored five-wave move should be completed above the resistance at $81.87 which should also mark the end of the turquoise-colored wave 3.