Palantir (PLTR) should keep the rally to build a Wave ((3))
|Palantir Technologies (PLTR), Inc. is a holding company, which engages in the development of data integration and software solutions. It operates through the Commercial and Government segments. The firm offers automotive, financial compliance, legal intelligence, mergers and acquisitions solutions.
Palantir (PLTR) weekly chart May 2024
Palantir ended a cycle at $45.00 in January 2021. Then it did a deep pullback as a zig zag correction ending wave (II) at 5.91 low. The market started an impulse structure as wave ((1)) ended at $20.27. Then, wave ((2)) started and it did a running flat correction. The wave (A) ended at $13.68 low and rallied breaking wave ((1)) high completing wave (B) at $21.85. Last leg as wave (C) developed an ending diagonal structure ending at $15.66 low and wave ((2)) correction. Market rallied in 5 waves ending an impulse at $27.50 high as wave ((3)). Next pullback completed at $20.33 low and for us that was the end of wave ((4)) correction. We expected to continue higher to end a wave ((5)) and complete the whole wave I before seeing a correction in 3, 7 or 11 swings as wave II. This wave ((5)) should end in $29.23 – $32.00 area. (If you want to learn more about Elliott Wave Theory, follow these links: Elliott Wave Education and Elliott Wave Theory).
Palantir (PLTR) weekly chart September 2024
After 4 months, you can check above the current weekly count of PLTR. We have changed the degree of the count. The market conditions suggest PLTR is still in wave I; therefore, we change the wave I for wave ((1)). Wave ((1)) ended at $29.83 in $29.23 – $32.00 area where we were expecting to hit a target. Then, the price pullback to 21.23 where we called wave ((2)) completed resuming with a strong rally breaking above wave ((1)), supporting that wave ((3)) is underway. For now, we are looking to continue to the upside until completing wave ((3)). We should look for buying dips as price remains above wave ((2)) low.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.