Salesforce Inc. (CRM) Elliott Wave technical analysis [Video]

CRM Elliott Wave technical analysis

Function: Trend

Mode: Impulsive

Structure: Motive

Position: Wave 5 of (3).

Direction: Upside in wave 5

Details: Here we are looking at upside into wave 5 as we have a lot of margin for upside potential. There is a possibility the whole move up from the June 2023 should be counted one degree lower. Meaning we could be completing wave 1 of (3).

CRM Elliott Wave technical analysis – Daily chart

Salesforce Inc. (CRM) is expected to experience further upside in wave 5 of (3). There is significant margin for upward movement, but it's possible that the entire move up since June 2023 could be part of a lower-degree count. This alternative scenario would indicate that we are currently completing wave 1 of (3), implying more growth in the future as wave (3) unfolds.

CRM Elliott Wave technical analysis

Function: Trend.

Mode: Impulsive.

Structure: Motive.

Position: Wave {i} of 5.

Direction: Completion in wave {i}.

Details: Looking for completion in wave {i} to then continue higher within wave 5 after the pullback in wave {ii}. We could be facing resistance as we head towards the end MG2 at 380$.

CRM Elliott Wave technical analysis – One-hour chart

The 1-hour chart for CRM suggests the completion of wave {i} within wave 5, followed by a pullback in wave {ii} before the uptrend resumes. Resistance could emerge around the MG2 level at $380 as the stock progresses higher.

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]