CZR: Setting Up for a Breakout with Wave 3 in Sight

Caesars Entertainment Inc. (CZR) is showing all the signs of a potential breakout that traders need to keep on their radar. Let’s dive into a multi-time frame analysis to see why this stock is gearing up for a strong move.

Daily Chart Breakdown
Looking at the daily chart, CZR has been trading above its 50-day simple moving average (SMA), which is a good sign of positive momentum building up. The price action is currently testing a key downtrend line, and after bouncing off the crucial 61.8% Fibonacci retracement level, it appears to be forming a classic 1-2 setup. This kind of setup typically precedes Wave 3, the most impulsive and aggressive wave in Elliott Wave theory, signaling a potential significant upside move. Traders looking for momentum should be paying close attention here as CZR is showing signs of strength.

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Weekly Chart Shows Strength in Demand Zone
Zooming out to the weekly chart, we see CZR making a third bounce from a well-established demand zone, which historically acts as strong support. The price has now broken out of this zone, signaling that the market recognizes the value at these levels. The breakout suggests that the next key resistance level to watch is the 61.8% Fibonacci retracement level at around $48.65.

With this solid technical foundation and multiple bullish indicators across time frames, CZR looks poised for a move higher. Keep this one on your radar. The potential upside on a breakout could be significant, especially if we catch that elusive Wave 3, which could send CZR much higher than where it’s trading now. Happy trading!

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