Palantir (PLTR) is correcting the rally from December 2022 low

Palantir Technologies (PLTR), Inc. is a holding company, which engages in the development of data integration and software solutions. It operates through the Commercial and Government segments.  The firm offers automotive, financial compliance, legal intelligence, mergers and acquisitions solutions.

Palantir (PLTR) daily chart September 2023

The last blog in April, we were looking to break $7.17 March low before PLTR turns higher. However, the market couldn’t break the price and it rally from $7.28 almost tripling the share price. At the end, the final structure was as follows: the wave (1) did not change, it finished at $10.31 higher. The pullback as wave (2) ended at $7.17 and rallied in 5 swings completing an impulse and wave (3) at $17.17. Then, market made a little stop for a retracement and built a flat Elliott wave structure as wave (4) ended at $13.55 in June. At this point, PLTR made a last push higher as an impulse completing wave (5) at $20.27 and also ending the whole impulse from December 2022 low as wave ((1)).

Palantir (PLTR) daily chart alternative September 2023

Down from $20.27 high, PLTR dropped strongly starting the correction as wave ((2)). The first swing lower ended at $13.69 as wave (A). We can see 3 swings higher from here to end wave (B) at $16.34. As price action stays below this level, we are expecting to continue lower in wave (C). Market should drop toward a blue box in $9.77 – $8.21 area where PLTR should rally again. As alternative, we are showing a second chart where wave (B) is not completed yet. Therefore, in this case the market could make a double correction WXY before entering in wave (C) lower. This path would be confirmed if Palantir breaks above $16.34 and we would expect 3 swings higher to complete wave (B) below $20.27 high.