DETAILS: Looking for upside in wave {iii}, as we found the highest RSI reading n the 375$ top, that gives us conviction it could have been a third of a third.

Welcome to our latest Elliott Wave analysis for Palo Alto Networks Inc. (PANW). This report provides a detailed examination of PANW's price action using Elliott Wave Theory, aiming to assist traders in identifying potential opportunities based on the stock's current trend and wave structure. We will analyze both the daily and 1-hour charts to deliver a comprehensive perspective on PANW’s market behavior.

PANW appears to be advancing into the final wave (5) of the current impulsive cycle after finding a bottom in wave (4). The upward momentum is expected to continue, with the stock targeting the Medium Level at $400. The recent price action supports the outlook for further gains as the stock moves towards completing wave (5).

PANW is currently unfolding higher within wave {iii} of 1, with the highest RSI reading observed near the $375 top. This RSI peak suggests that the move could be part of a third wave, often the most powerful and extended wave in an Elliott Wave sequence. This reinforces the expectation of further upside as wave {iii} progresses.

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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