Fortinet Inc. (FTNT) shows a bullish structure on the daily chart. The pattern suggests that wave {i} of 3 is unfolding within Intermediate wave (5). Buyers continue to support the price above $100, reinforcing a strong foundation for upward momentum. If this support holds, we could see a significant impulsive move higher.

Function: Trend.

Mode: Impulsive.

Structure: Motive.

Position: Wave (iv) of {i}.

Direction: Upside in wave (v).

Details: Expecting wave (v) to extend higher and complete the Minute wave {i}, as the current structure lacks a final fifth wave.

On the 1-hour chart, FTNT is consolidating in wave (iv), preparing for a move into wave (v). This next upward step would complete the five-wave sequence of Minute wave {i}. Short-term traders should watch for resistance levels as wave (v) unfolds.

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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