Fortinet Inc. (FTNT) Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

FTNT Elliott Wave technical analysis

Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Wave 1 of (5).
Direction: Looking for bottom in wave 2.
Details: Minor wave 1 appears complete with a five-wave advance. We are now watching for a bottom in wave 2. A move above TradingLevel1 at $100 would serve as a strong confirmation for the start of wave 3.

FTNT Elliott Wave technical analysis

Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Wave {c} of 2.
Direction: Looking for bottom in wave {c}.
Details: A five-wave structure appears nearly complete in wave {c}. Price action is approaching the 1.618 Fibonacci extension of wave {c} vs. {a}, a typical target in zigzag corrections. A reversal here would support the end of wave 2 and suggest wave 3 is beginning.

Market summary

In this Elliott Wave review of Fortinet Inc. (FTNT), we analyze both the daily and intraday trends to assess wave structure and key levels.

Daily chart insight: Fortinet has finished a clear five-wave rally, completing Minor wave 1 of Intermediate wave (5). The current move is corrective, forming wave 2. A break above $100 (TradingLevel1) would be a bullish signal confirming the setup for wave 3.
One-hour chart insight: On the intraday chart, wave {c} of 2 looks near completion. Price is reaching a key Fibonacci extension, strengthening the case for a potential reversal and start of the next upward wave.

Fortinet Inc. (FTNT) 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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