Salesforce Inc. (CRM) Elliott Wave technical analysis [Video]

CRM Elliott Wave technical analysis

Function: Trend

Mode: Impulsive

Structure: Motive

Position: Minute wave {iii}.

Direction: Upside in wave {iii}.

Details: We are looking at the possibility of a significant bottom in place right above 200$, and we are now looking for upside within wave 3.

CRM Elliott Wave technical analysis – Daily chart

On the daily chart, Salesforce (CRM) has potentially established a significant bottom above $200, and the current structure suggests that we are in the early stages of wave {iii}. This wave should be part of a larger impulsive structure, indicating further upside potential as wave 3 develops.

CRM Elliott Wave technical analysis

Function: Trend.

Mode: Impulsive.

Structure: Motive.

Position: Wave {i} of 3.

Direction: Top in wave {i}.

Details: Looking for a top in wave {i} of 3 as RSI seems also to be suggesting. As we approach TradingLevel3 at 300$, we could expect a bounce back to then find a ClassicTradingLevelPAttern across 300$ to continue with the upside move.

CRM Elliott Wave technical analysis – One-hour chart

On the 1-hour chart, Salesforce appears to be nearing the completion of wave {i} of 3. The Relative Strength Index (RSI) is showing signs of overextension, suggesting that a short-term top may be forming as the price approaches TradingLevel3 at $300. A retracement from this level is likely, forming a ClassicTradingLevelPattern, before the market resumes its upward trend within wave {iii} of 3.

This analysis focuses on the current trend structure of Salesforce Inc., (CRM) utilizing the Elliott Wave Theory on both the daily and 1-hour charts. Below is a breakdown of the stock's position and potential future movements.

Salesforce Inc. (CRM) Elliott Wave technical analysis [Video]