Details: Looking for a resumption of the uptrend after what appears to be a three wave move into wave (4), as we currently stand between TL3 and 400$.

PANW Elliott Wave technical analysis – Daily chart

The daily chart shows that Palo Alto Networks (PANW) is in an impulsive trend. The price is currently progressing within Minor wave 1 of Intermediate wave (5). After completing a corrective three-wave move in wave (4), PANW appears to be resuming its uptrend.

PANW Elliott Wave technical analysis

Function: Trend

Mode: Impulsive

Structure: Motive

Position: Wave {iii} of 1.

Direction: Bottom in wave {ii}.

Details: We could also have bottomed in wave 2 already, instead of {ii}. Looking for upside into wave {iii} as we seem to have a clear three wave move into wave {ii}.

PANW Elliott Wave technical analysis – One-hour chart

The 1-hour chart indicates that PANW is progressing within wave {iii} of 1, a highly impulsive and dynamic phase. The analysis suggests that the stock has likely bottomed in wave {ii}, marking the end of a corrective phase. The structure shows a clear three-wave move into wave {ii}, adding confidence to the scenario that wave {iii} is now in play.

In this latest Elliott Wave analysis for Palo Alto Networks Inc. (PANW), we utilize the Elliott Wave Theory to break down PANW's price movements. This analysis will provide traders with insights into potential market opportunities based on the current structure and trends. We'll examine both the daily and 1-hour charts for a clearer understanding of PANW's price trajectory.

PaloAlto Networks Inc. (PANW) 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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