Details: We are looking at upside potential within wave 3 or C which needs to unfold in a five wave manner, and we seem to be standing within wave {iii}. Equality of 3 vs. 1 stands Trading Level 8 at 80$, which is often time a minimum upside target for wave 3 or C.

PYPL Elliott Wave Analysis Trading Lounge 1H Chart,

Paypal Holdings Inc., (PYPL) 1H Chart.

PYPL Elliott Wave technical analysis

Function: Trend.

Mode: Impulsive.

Structure: Motive.

Position: Wave (iv) of {iii}.

Direction: Upside in wave {iii}.

Details: Looking for a triangle in wave (iv) to be near completion to then continue higher towards 1.618 {iii} vs. {i}.

This analysis provides insight into PayPal Holdings Inc. (PYPL) based on the Elliott Wave Theory, focusing on both the daily and 1-hour charts to evaluate the current market structure and potential future movements.

PYPL Elliott Wave Technical Analysis – Daily chart

PYPL is currently unfolding in wave 3 or C, which is an impulsive wave characterized by strong upside potential. The equality level between wave 3 and wave 1 stands around  Trading Level 8 at 80$, which often serves as a minimum target for wave 3 or C. Given this, we expect further upside as wave {iii} continues to develop, and reaching the 80$ target seems reasonable in the near term.

PYPL Elliott Wave technical analysis – One-hour chart

PYPL is in wave (iv) of {iii}, where a triangle correction seems to be forming. Once this triangle correction is completed, the stock is expected to resume its upside momentum toward the 1.618 Fibonacci extension of wave {iii} compared to wave {i}. This next leg up in wave (v) of {iii} could push the price toward the anticipated target of around 80$.

Technical analyst: Alessio Barretta.

PYPL Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

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

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD struggles for direction amid USD gains

EUR/USD is trimming part of its earlier gains, coming under some mild downside pressure near 1.1730 as the US Dollar edges higher. Markets are still digesting the Fed’s latest rate decision, while also looking ahead to more commentary from Fed officials in the sessions ahead.

GBP/USD drops to daily lows near 1.3360

Disappointing UK data weighed on the Sterling towards the end of the week, triggering a pullback in GBP/USD to fresh daily lows near 1.3360. Looking ahead, the next key event across the Channel is the BoE meeting on December 18.

Gold poised to challenge record highs

Gold prices added roughly 3% in the week, flirting with the $4,350 mark on Friday, to finally settle at around $4,330. Despite its safe-haven condition, the bright metal rallied in a risk-on scenario, amid broad US Dollar weakness.

Week ahead: US NFP and CPI, BoE, ECB and BoJ mark a busy week

After Fed decision, dollar traders lock gaze on NFP and CPI data. Will the BoE deliver a dovish interest rate cut? ECB expected to reiterate “good place” mantra. Will a BoJ rate hike help the yen recover some of its massive losses?

Big week ends with big doubts

The S&P 500 continued to push higher yesterday as the US 2-year yield wavered around the 3.50% mark following a Federal Reserve (Fed) rate cut earlier this week that was ultimately perceived as not that hawkish after all. The cut is especially boosting the non-tech pockets of the market.

Aave Price Forecast: AAVE primed for breakout as bullish signals strengthen

Aave (AAVE) price is trading above $204 at the time of writing on Friday and approaching the upper boundary of its descending parallel channel; a breakout from this structure would favor the bulls.