Grab - 18% pop in less than a month! Massive upside still to go, but first a corrective Wave 2

Technical Analysis: Elliott Wave | GRAB CMP: 4.73 | Dt 11/18

AlgoChirp

Nov 17, 2024

Simple Speak

Since our last post, Grab jumped higher on Earnings beat and popped about 18% in a matter of days.
There is long term resistance in the $5-$5.5 band and that is where the current ongoing Wave 1 (Primary) may terminate. Wave 5 (Minute) of Wave 5 (Intermediate) of this ongoing Wave 1 (Primary) is still to go.
This Wave 1 top should be followed by a Wave 2 (Primary) and drag the prices lower. High probability target is the long term trend line at around $3.9, which night also coincide with 61% retracement levels (actual levels will depend on Wave 1 top).
Grab is potentially a multi-bagger in the making and the Wave count is following the hypothesis.

Chart Speak - Updated

Previous Update - 10th Oct

Technical Analysis: Elliott Wave | GRAB CMP: 4.17 | Dt 10/24

Tl;dr - GRAB, has finally broken out of a multi-year consolidation pattern. It is likely to retest these longstanding trend lines and as long as it doesn’t go below its Aug’24 lows, Grab should make significant highs in the months to come

Section 1 - Simple speak

GRAB, which has been in a multi-year consolidation, has just broken out with significant volume. It appears this could be the start of a meaningful impulse wave.
Overall sectoral tailwinds (e.g., Uber, Tesla Robotaxi) are likely to further support a substantial rise in GRAB.
However, it is prudent to wait for a retest; in Elliott Wave terms, this would be the upcoming Wave 2. This retracement (see Chart #2) is expected to see prices correct and retest some of the long-standing trendlines. If it manages to hold its August 2024 bottom, then we must 'grab' GRAB!"

GRAB Chart #1

Section 2 - Technical Analysis using Elliott Waves

Summary

GRAB has been in a five-wave impulse pattern, with Wave 5 currently playing out.
The current impulse wave is likely to peak below $4.50, followed by a three-wave corrective decline.
Technical levels for this decline are marked in the chart below. For this count to remain valid, GRAB must hold above its August 2024 low.
Alternate Count - Given that the U.S. elections are likely to keep the markets volatile, if the price falls below the August 2024 low, the current wave count will need to be reconsidered.