Details: We are looking at 0.618 {c} vs. {a} reached at 95$. Looking for upside into wave {i} of 5 to confirm the uptrend resumption. Increasing volume on the move up suggests bulls are entering the market.

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

We are currently analyzing Fortinet Inc. (FTNT) in the Elliott Wave cycle, looking for a bottom formation in the sideways corrective phase of wave 4. Once this correction concludes, we expect the uptrend to resume, completing Intermediate wave (3) with a target above $100. The overall bullish market structure suggests strong potential for further price gains.

FTNT Elliott Wave technical analysis – One-hour chart

Fortinet Inc. (FTNT) is showing a potential bottom formation in wave {c} of 4, as the price has reached the 0.618 Fibonacci retracement level at $95. This key level may act as strong support, and we're now anticipating a bullish reversal into wave {i} of 5, confirming the uptrend's continuation. Volume is increasing on upward moves, indicating growing buying interest and potential bullish momentum.

Technical analyst: Alessio Barretta.

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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