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AI ELA Forecast

Bullish Case: The historical return surface suggests potential for strong price recovery, particularly over longer holding periods. Increased investor interest amid recent volatility can stimulate bullish momentum, potentially shifting broader market sentiment towards ELA favorably.

Bearish Case: Continued high implied volatility, mean-reverting patterns, and economic uncertainties may negatively impact ELA's price. Historical data shows a tendency for below-average returns in the short term, heightening risk for new investors considering entry into the market.

Potential Outcomes:

1. Continued market volatility (65%) driven by macroeconomic concerns.

2. Price recovery following stabilization post-earnings (25%).

3. Significant downturn from negative news or unexpected events (10%).

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October 20, 2024

Envela Forecast

ELA Envela

Price Forecast
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Correlated Assets

Assets that tend to move strongly with ELA

EXR Extra Space Storage (0.88)

REZ iShares Residential and Multisector Real Estate (0.87)

RKT Rocket Companies (0.87)

CARG CarGurus (0.87)

RY Royal Bank Of Canada (0.86)

Uncorrelated Assets

Assets with little price relationship to ELA

ELF e.l.f. Beauty (0.0)

CWEB Direxion Daily CSI China Internet Index Bu (-0.0)

M Macy's (0.0)

NWL Newell Brands (-0.0)

RIO Rio Tinto (0.0)

Anticorrelated Assets

Assets that tend to move strongly against ELA

SH ProShares Short S&P500 (-0.76)

SPXS Direxion Daily S&P 500 Bear 3X Shares (-0.77)

DUST Direxion Daily Gold Miners Index Bear 2X S (-0.8)

SRS ProShares UltraShort Real Estate (-0.8)

DRV Direxion Daily Real Estate Bear 3X Shares (-0.81)

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