On the daily chart, Salesforce (CRM) has potentially established a significant bottom above $200, and the current structure suggests that we are in the early stages of wave {iii}. This wave should be part of a larger impulsive structure, indicating further upside potential as wave 3 develops.

CRM Elliott Wave technical analysis

Function: Trend.

Mode: Impulsive.

Structure: Motive.

Position: Wave {i} of 3.

Direction: Top in wave {i}.

Details: Looking for a top in wave {i} of 3 as RSI seems also to be suggesting. As we approach TradingLevel3 at 300$, we could expect a bounce back to then find a ClassicTradingLevelPAttern across 300$ to continue with the upside move.

CRM Elliott Wave technical analysis – One-hour chart

On the 1-hour chart, Salesforce appears to be nearing the completion of wave {i} of 3. The Relative Strength Index (RSI) is showing signs of overextension, suggesting that a short-term top may be forming as the price approaches TradingLevel3 at $300. A retracement from this level is likely, forming a ClassicTradingLevelPattern, before the market resumes its upward trend within wave {iii} of 3.

This analysis focuses on the current trend structure of Salesforce Inc., (CRM) 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.

Salesforce Inc. (CRM) 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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