IONQ soon should be entering into wave IV pullback
|IONQ, Inc. develops and manufactures quantum computers. The firm specializes in quantum computing and quantum information processing. The company was founded by Christopher Monroe and Jung Sang Kim in 2015 and is headquartered in College Park, MD. In this blog we are going to take a look at the technical analysis for IONQ ticker symbol: $IONQ. In which, we will look at the weekly chart showing two channels to the upside from all time lows. Supporting a possible nest structure in the making favoring more upside.
In which the rally to $35.90 high ended wave ((I)) and down from there made a pullback lower. The internals of that pullback unfolded as a double three structure where wave (w) ended at $9.16 low. Then a bounce to $17.66 high ended wave (x) bounce. And wave (y) ended at $3.03 low, thus completed wave ((II)) pullback. Up from there, the stock is rallying higher in an impulse sequence where wave I ended at $21.60 high and wave II pullback ended at $6.22 low. Above from there, the stock is taking extension higher in wave III already and expected to reach $43.31- $54.79 200%-261.8% Fibonacci extension higher. Suggesting that bulls needs to be careful at this stage of the market because soon IONQ should be entering into wave IV pullback. We don’t recommend selling it and next pullback should offer buying opportunity later on in 3, 7 or 11 swings.
IONQ Elliott Wave weekly analysis from 12.17.2024
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