Details: We are looking at a pullback higher after a sharp decline in what could be wave (A) that lasted from March until November of 2024. Looking for one more leg higher into wave C of (B).

SMCI Elliott Wave technical analysis – Daily chart

Super Micro Computer Inc. (SMCI) appears to be in a corrective zigzag pattern, currently unfolding within wave C of (B). After a sharp decline in wave (A) from March to November 2024, the stock has been retracing higher, forming a corrective structure. Wave B seems to have completed, and now wave C is developing with potential short-term upside. Traders should watch key resistance levels and Fibonacci retracement zones, as the price action may attempt to break above recent highs before resuming a broader correction.

SMCI Elliott Wave technical analysis

Function: Counter Trend.

Mode: Corrective.

Structure: Zigzag.

Position: Wave {i} of C.

Direction: Upside into wave {i}.

Details: Looking at a potential bottom in place in wave {c} of B after an ending diagonal. We fell just short of equality of {c} vs. {a} suggesting a bottom could be in place or soon to be.

SMCI Elliott Wave technical analysis – One-hour chart

On the 1-hour chart, SMCI has likely formed a bottom in wave {c} of B, suggesting the start of an upward move in wave {i} of C. The stock has fallen just short of wave equality, indicating a potential reversal. If momentum builds, we could see a strong retracement, but traders should remain cautious of resistance levels and possible reversals. Watching for volume and breakout confirmations will be key to assessing the strength of the current move.

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

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.