Details: We are looking at a potential wave 4 near completion. It is yet unclear whether this is a wave 4 of (3) or else we are within wave 1 of. (3) suggesting much more upside potential is available.

CRM Elliott Wave technical analysis – Daily chart

Salesforce appears to be in the midst of a wave 4 pullback, which could be nearing completion. At this point, it's unclear whether this correction is part of wave 4 of (3) or if we're within the early stages of wave 1 of (3), suggesting potential for further upside. A confirmation of the wave position is necessary to clarify the next likely move. For now, expect the pullback in wave 4 to complete soon, either continuing the uptrend in wave (3) or setting up a larger bullish continuation.

Salesforce Inc., (CRM) one-hour chart.

CRM Elliott Wave technical analysis

Function: Counter Trend

Mode: Corrective

Structure: Complex

Position: Wave {z} of 4.

Direction: Bottom in wave 4.

Detalis: We are anticipating a potential complex correction in wave 4. As we approach the area of the previous wave {iv} we could expect a bottom soon in place or else at least a pullback higher soon.

CRM Elliott Wave technical analysis – One-hour chart

The 1-hour chart suggests that wave {z} of 4 is in its final stages, indicating a possible bottom forming soon. We are approaching the area near the previous wave {iv}, which is a typical zone for the end of corrective waves. A reversal or at least a pullback higher is expected, which would confirm the completion of wave 4 and the start of a potential upward move.

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]

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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