Over a year ago, in May, 2025, we wrote that there was no need to worry about missing out on Uber. At just a few cents below $86 per share, the stock was on the verge of a new all-time high amid double-digit revenue growth and record profitability. Its Elliott Wave chart, however, convinced us that the resistance near $100 would be a tough nut to crack for the bulls.
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It revealed that the most recent rise was most likely wave (5) of a five-wave impulse in wave I, following an a-b-c-d-e triangle correction in wave (4). According to the theory, triangles precede the final wave of the pattern and every impulse is followed by a three-wave retracement. So instead of extrapolating the recent past into the future for this otherwise great company, we thought a notable decline back to the $60s was around the corner.
Sixteen months later now, Uber not only continues to grow sales at an impressive rate, but annual free cash flow is poised to exceed $10B for the first time. The company has also agreed to acquire Delivery Hero for nearly $15B. The stock, meanwhile, which topped out at $102 a year ago, is down to $75 and change as of this writing.
Unfortunately for the bulls, it doesn’t look like wave II is over yet. It seems to be developing as a (w)-(x)-(y) corrective combination, where wave (x) is an expanding triangle. If this count is correct, wave (y) has yet to take place and has the potential to drag Uber to the support near $60, before the preceding uptrend can resume. Put shortly, we think there is still no need to worry about missing out on the stock.
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