DraftKings, Inc. (DKNG) is a digital sports entertainment and gaming company that offers online sports betting, casinos, daily fantasy sports, and product offerings in retail sports betting and media. Its operations are divided into Business-to-Consumer (B2C) and Business-to-Business (B2B) segments.

Recently, DKNG’s stock saw a wave II pullback, reaching a low of $28.69. Following this, it climbed to a high of $45.87, experienced another pullback to $35.96, and is now targeting an upward movement towards $68.52 to $77.94, supported by dips holding above $35.96 and $28.69.

In a broader context, a super cycle wave (I) peaked at $74.38, followed by a three-wave pullback that completed wave (II) at $9.78. A five-wave rally concluded cycle degree wave I at $49.57 before another seven-swing pullback led to the $28.69 low. Stability above $35.96 and $28.69 suggests potential for further upward momentum.

From what we’ve seen so far, the overall trend remains upwards following the pullback to $28.69. The recent increase to $45.87 before dropping again to $35.96 indicates a normal corrective phase within a larger upward movement. If price levels hold above these key support points, then we may see an extended push towards the higher target range of $68.52 to $77.94.

Looking at the bigger picture, the price action has followed a common five-wave push higher to $49.57, which is typically a sign of a strong uptrend. After this, there was a corrective phase that played out as a seven-swing move, pulling prices back to $28.69. As long as the market stays above this level and remains stable above $35.96 in the short term, the structure suggests that the larger uptrend is still in place.

For those who trade shorter time frames, it is important to watch how upcoming movements interact with these support levels. If the stock breaches $35.96 decisively, it could signal deeper consolidation before the next rise. Conversely, as long as pullbacks remain limited and corrections are contained, the next wave higher could take shape more quickly.

Wave analysis often helps traders time entries more efficiently. At this stage, the best opportunities may arise when price reacts positively at strong support zones, rather than chasing rapid rallies. Monitoring changes around $35.96 and $28.69 should give us clearer insight into whether momentum remains intact for a move towards the higher targets. This approach can help avoid entering at moments where risk outweighs the potential reward.

Although short-term fluctuations are always expected, the broader trend suggests a continuation higher unless key levels break. Keeping an eye on dips and waiting for confirmation from price action should provide traders with an edge in navigating the next few weeks.