Details: Looking for further upside into wave (5) as we seem to have completed a large wave 2 and then started to nest in what could be a series of ones and twos.

PaloAlto Networks Inc., (PANW) 1H Chart.

PANW Elliott Wave technical analysis

Function: Trend.

Mode: Impulsive.

Structure: Motive.

Position: Wave {iv} of 3.

Direction: Upside in wave {v}.

Dteails: Here’s an alternate highlighting the possibility we are in a triangle in wave {iv}, and we are headed higher into wave {v} of 3 which has to be shorter than wave {iii}, therefore no higher than 444$.

This analysis focuses on the current trend structure of PaloAlto Networks Inc., (PANW) utilizing the Elliott Wave Theory on both the daily and 1-hour charts. Below is a breakdown of the stock's position and potential future movements.

PANW Elliott Wave technical analysis – Daily chart

PANW is currently in Minute wave {iii} of an impulsive wave 3, with expectations for continued upside movement. After completing a large wave 2, the stock seems to have nested within a series of ones and twos in the early stages of wave 3. This suggests that a strong move to the upside is anticipated, as wave (5) is yet to unfold. Further gains are likely as the impulsive structure develops, confirming the bullish trend.

PANW Elliott Wave technical analysis – 1H chart

On the 1-hour chart, PANW appears to be in wave {iv} of 3. An alternate scenario suggests that wave {iv} is forming a triangle, which would imply a consolidation period before the final leg up in wave {v} of 3. Since wave {v} must be shorter than wave {iii} (to maintain proportionality within the Elliott Wave framework), the upside target for wave {v} is capped at $444.

Technical analyst: Alessio Barretta.

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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