AppLovin has shown a major rally in the past and found a major top at its all-time high of $745.28 with green wave 1. From there, this stock fell into a big correction to form green wave 2. Currently, AppLovin is trading within the last leg of this correction and has already corrected by over -60% from its top.
However, we have set a Fibonacci retracement zone where we expect the market to complete its long-term correction with green wave 2 and start new bullish impulses into a new long-term uptrend.
Long entry levels:
- 61.8% at $289.27
- 78.6% at $166.07
- 88.7% at $92.01
We expect this stock, in the long term, to form bullish green wave 3, which will trade prices up beyond its major high. We will set major price targets as soon as we detect a major bottom.
Therefore, this zone represents a prime buying opportunity at very undervalued prices for this stock.
If anything happens with this stock, we will update you immediately.
Kind regards,
Monalytics
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