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

FTNT Elliott Wave Analysis Trading Lounge.

Fortinet Inc., (FTNT) Daily Chart.

FTNT Elliott Wave technical analysis

Function: Trend.

Mode: Impulsive.

Structure: Motive.

Position: Wave (3).

Direction: Upside within wave 5 of (5).

Details: We are looking for a bottom in wave 4 as we have approached TradingLevel1 a 100$.

Fortinet Inc., (FTNT) 1H Chart.

FTNT Elliott Wave technical analysis

Function: Trend.

Mode: Impulsive.

Structure: Motive.

Position: Wave {c} of 4.

Direction: Bottom in wave {c}.

Details: Looking for one more leg lower into wave 4 to then turn higher. Equality of {c} vs. {a} stands at 89$ while another feasible target is at 93$ which is 0.618 {c} vs. {a}.

In this Elliott Wave analysis, we will review the trend structure of Fortinet Inc., (FTNT) using both the daily and 1-hour charts to assess the current wave position and potential price movements.

FTNT Elliott Wave technical analysis – Daily chart

Fortinet (FTNT) appears to be in wave 5 of (5). Currently, it is finding support as it approaches TradingLevel1 at $100, which coincides with the expected completion of wave 4. Once wave 4 forms a bottom, the analysis suggests further upside potential as wave 5 unfolds.

FTNT Elliott Wave technical analysis – One-hour chart

On the 1-hour chart, FTNT is in the final stages of wave {c} of 4, which could complete the wave 4 correction. The next leg lower is anticipated to end around $89 (equality of {c} vs. {a}) or $93, which corresponds to the 0.618 Fibonacci retracement of {c} vs. {a}. After this, we expect a turn higher, marking the beginning of wave 5.

Technical analyst: Alessio Barretta.

FTNT Elliott Wave technical analysis [Video]