Details: Minor wave 4 appears to have completed as price bounced from the W vs. Y equality level and is holding above the Medium Level at $150. This supports the potential beginning of wave {iii}.

PANW Elliott Wave technical analysis

Function: Trend.

Mode: Motive.

Structure: Impulsive.

Position: Wave b of (ii).

Direction: Bottoming in wave (ii).

Details: After a five-wave advance from the April 7th low, PANW is undergoing a possible three-wave pullback in wave (ii). Upon completion, a continuation to the upside is expected via wave (iii), offering bullish opportunities.

This Elliott Wave analysis of Palo Alto Networks Inc. (PANW) reviews both daily and 1-hour charts to highlight the current trend and forecast the next moves using classic wave principles.

Daily chart summary:
PANW shows bullish potential with Minor wave 4 likely completed. The price held key support at $150, suggesting that wave (i) of a new impulsive move higher is underway. A sustained move upward would validate wave {iii} as active, aiming at new highs.
1-Hour chart summary:
Following a clear five-wave rise from April 7th, PANW is correcting in what looks like wave (ii). Traders are watching for a completed three-wave pullback before the next impulsive leg higher resumes.

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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