NU Holdings Ltd., (NU) provides a digital banking platform in Brazil, Mexico, Colombia, Germany, Argentina, the United States and Uruguay. It offers spending solutions comprising credit and prepaid cards, mobile payment solutions and an integrated shopping mall that enables customers to purchase goods and services from various e-commerce retailers. It is headquartered in Brazil, is in the financial services sector and trades under the ticker “NU” on the NYSE.
NU favors a bullish momentum sequence initiated from the June 2022 low of $3.26. It has already reached a new high above December 2021 and the retracement is expected to hold within 3, 7 or 11 moves.
NU – Latest weekly view of Elliott Waves
It shows 5 upward moves from the June 2022 low as an impulse sequence in weekly with extension of the third wave. Above the all-time low, it placed ((1)) of I at the high of $5.88 and ((2)) at the low of $3.39 as a falling retracement. It started ((3)) as an extended sequence, which ended at the high of $13.64. Within ((3)), it placed (1) at the high of $5.53, (2) at the low of $4.13, (3) at the high of $8.29, (4) at the low of $6.61 and finally the extended wave (5) at the high of $13.64. Subsequently, it ended ((4)) as a sharp correction at the low of $9.67 on August 5, 2024. Above the low of $9.67, it favors upside in ((5)) of I and a short term pullback is expected in 3, 7 or 11 moves to extend higher and end I.
It traded on unusually high volume in the last trading session which provides a few scenarios. (1st scenario) It may extend higher, as long as dips stay above the low of ((4)) as well as ((5)) as long as momentum divergence stays intact to end I towards the $14.59 – $16.11 area. (2nd scenario) It may have ended I at the last peak which is confirmed when price fails to make a new high in a few sessions and then breaks below the low of $9.67. (3rd scenario) It will extend higher and erase momentum divergence to confirm the upside as a nest and manage to trade above the price channel. In either scenario, we like to buy the pullback in 3, 7 or 11 moves in extreme areas.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
