Palo Alto Networks Inc. (PANW) Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

PANW Elliott Wave technical analysis

Function: Trend.
Mode: Motive.
Structure: Impulsive.
Position: Wave {i} of 5.
Direction: Upside in wave 5.
Details: The potential for a bottom in wave 4 exists, although it's still too early for confirmation. However, the equality between corrective waves Y and W suggests a possible turning point.

The daily analysis of Palo Alto Networks (PANW) highlights a potential end to the corrective wave 4. While caution remains due to the early nature of this setup, price action reaching the equality zone of waves Y and W strengthens the case for a bullish reversal. If the market continues building an upward structure, this would support the beginning of wave 5, setting the stage for further gains in the trend.

PANW Elliott Wave technical analysis

Function: Trend.
Mode: Motive.
Structure: Impulsive.
Position: Wave (i) of {i}.
Direction: Downside in {i}.
Details: Early signs of a five-wave move in wave (i) suggest a bullish outlook, pending confirmation through a three-wave correction in wave (ii).

On the 1-hour timeframe, PANW shows the early formation of a five-wave move within wave (i). This development hints at a possible shift toward a bullish trend. A clean three-wave correction in wave (ii) would serve as further confirmation, aligning with the broader expectation of an advancing wave {i} within wave 5.

Palo Alto Networks Inc. (PANW) US stocks 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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