PaloAlto Networks Inc.(PANW) Elliott Wave technical analysis [Video]
|PANW Elliott Wave technical analysis
Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Minor 1 of (5).
Direction: Upside into wave 1.
Details: Looking for a resumption of the uptrend after what appears to be a three wave move into wave (4), as we currently stand between TL3 and 400$.
PANW Elliott Wave technical analysis – Daily chart
PANW appears to have completed a three-wave corrective pattern into wave (4), positioning the stock for a resumption of the uptrend. Currently, the stock is trading between TradingLevel3 (TL3) and the 400$ level. This suggests that the stock may be gearing up for a new impulsive move higher in Minor wave 1 of Intermediate wave (5). Traders should monitor for a break above 400$ to confirm the continuation of the uptrend.
PANW Elliott Wave technical analysis
Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Wave {ii} of 1.
Direction: Bottom in wave {ii}.
Details: Looking for either continuation sideways in wave (b) of {ii} to then complete the correction lower in (c), or else we could already be in the making of wave (c).
PANW Elliott Wave technical analysis – One-hour chart
The 1-hour chart suggests that PANW is currently in wave {ii} of 1, which is a corrective phase. There are two possible scenarios unfolding: either the stock continues to move sideways in wave (b) of {ii} before completing the correction lower in wave (c), or the correction in wave (c) is already underway. In either case, once wave {ii} completes, traders can expect a resumption of the uptrend in wave {iii} of 1.
This Elliott Wave analysis for Palo Alto Networks Inc. (PANW), evaluates the current wave structure and potential price movements on both the daily and 1-hour charts. The analysis focuses on identifying the wave positions and key levels that could inform trading strategies.
PaloAlto Networks Inc.(PANW) Elliott Wave technical analysis [Video]
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.