PANW Elliott Wave technical analysis [Video]

PANW Elliott Wave technical analysis

Function: Trend.

Mode: Motive.

Structure: Impulsive.

Position: Wave (iii) of {i}.

Direction: Upside in wave (iii).

Details: Awaiting a clear five-wave subdivision into wave {i} to confirm the continuation of the uptrend. Currently, a clear three-wave move has been identified within wave (iii).

PANW Elliott Wave technical analysis

Function: Trend.

Mode: Motive.

Structure: Impulsive.

Position: Wave iv of (iii).

Direction: Upside in wave v.

Details: Expecting a move higher into wave v, as the stock appears to be finishing a sideways move within wave iv.

This analysis reviews the current trend structure of Palo Alto Networks Inc. (PANW) using the Elliott Wave Theory across both the daily and 1-hour charts. Below is a detailed view of the stock’s position and projected movements:

Palo Alto Networks (PANW) is advancing inside wave (iii) within a larger bullish Elliott Wave sequence. A three-wave movement has been observed so far, suggesting that bullish momentum is strengthening. A confirmed five-wave impulsive structure would further validate the bullish trend and indicate the continuation of the broader uptrend.

On the intraday timeframe, PANW is consolidating within wave iv of (iii), likely forming a sideways correction. An upside breakout is anticipated upon completion of wave iv, potentially leading into a strong wave v rally. This aligns with the broader bullish outlook on the daily chart, presenting a possible short-term trading opportunity.

Technical analyst: Alessio Barretta.

PANW Elliott Wave technical analysis [Video]