PANW Elliott Wave technical analysis [Video]
|PANW Elliott Wave technical analysis
Function: Trend.
Mode: Motive.
Structure: Impulsive.
Position: Wave (iii) of {i}.
Direction: Upside in wave (iii).
Details: Awaiting a clear five-wave subdivision into wave {i} to confirm the continuation of the uptrend. Currently, a clear three-wave move has been identified within wave (iii).
PANW Elliott Wave technical analysis
Function: Trend.
Mode: Motive.
Structure: Impulsive.
Position: Wave iv of (iii).
Direction: Upside in wave v.
Details: Expecting a move higher into wave v, as the stock appears to be finishing a sideways move within wave iv.
This analysis reviews the current trend structure of Palo Alto Networks Inc. (PANW) using the Elliott Wave Theory across both the daily and 1-hour charts. Below is a detailed view of the stock’s position and projected movements:
Palo Alto Networks (PANW) is advancing inside wave (iii) within a larger bullish Elliott Wave sequence. A three-wave movement has been observed so far, suggesting that bullish momentum is strengthening. A confirmed five-wave impulsive structure would further validate the bullish trend and indicate the continuation of the broader uptrend.
On the intraday timeframe, PANW is consolidating within wave iv of (iii), likely forming a sideways correction. An upside breakout is anticipated upon completion of wave iv, potentially leading into a strong wave v rally. This aligns with the broader bullish outlook on the daily chart, presenting a possible short-term trading opportunity.
Technical analyst: Alessio Barretta.
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.