Carvana Co. (CVNA) Elliott Wave Analysis | Trading Lounge Daily Chart
Carvana Co. (CVNA) Elliott Wave Technical Analysis
Function: Counter-Trend
Mode: Corrective
Structure: Corrective
Position: Wave (C) of 2
Direction: Downward targeting Wave (C)
Details: After completing a 5-wave impulsive rally, CVNA is now entering a correction toward Wave (C) of 2.
On the daily chart, Carvana Co. (CVNA) has ended its impulsive five-wave structure and is currently undergoing a corrective move. The ongoing correction resembles a flat pattern, with prices expected to find support above the 131.8% Fibonacci retracement measured from Wave (A) to Wave (B). This suggests the final segment of the correction is forming.
As Wave (B) wraps up, the anticipated downward Wave (C) is projected to complete Wave 2. This movement may present a short-term bearish trading opportunity, ideal for tactical setups near the correction's final leg.

Carvana Co. (CVNA) Elliott Wave Analysis | Trading Lounge Weekly Chart
Function: Trend
Mode: Impulsive
Structure: Impulsive
Position: Wave 3 of III
Direction: Upward heading into Wave 3
Details: A retracement to Wave 2 is expected before the bullish Wave 3 begins.
On the weekly timeframe, CVNA stock is maintaining its bullish trend within a larger impulsive Elliott Wave structure. The share price is advancing toward Wave 3 of Wave III, but a short-term pullback to Wave 2 is projected before this next leg unfolds.
Traders should monitor potential support zones around Wave 2, and once confirmed, the development of Wave 3 could offer a long trade setup aligned with the ongoing upward trend in Carvana's stock price.
Technical Analyst: Dhiren Pahuja
Visit: TradingLounge.com for detailed analysis and market updates.
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