SNOW Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

SNOW Elliott Wave analysis

Function: Trend.

Mode: Impulsive.

Structure: Impulsive.

Position: Wave V.

Direction: Upside toward Wave V.

Details: An impulsive rally is anticipated in Wave V, aiming for a move equivalent to 100% of Wave I.

Daily Chart Summary

Snowflake Inc. (SNOW) remains in a bullish structure on the daily timeframe. The price continues its move higher toward Wave V. The current structure suggests the potential for a breakout above previous resistance levels, confirming underlying market strength. Since Wave III was the extended wave, Wave V is expected to target a move equal in length to Wave I. This development offers a favorable short-term setup for bullish positioning.

SNOW Elliott Wave analysis

Function: Trend.

Mode: Impulsive.

Structure: Impulsive.

Position: Wave (III).

Direction: Upside toward Wave (III).

Details: After a breakout from triangle consolidation, Wave (I) has concluded. A sharp advance is projected in Wave (III) once Wave (II) finishes.

Weekly Chart Summary

On the weekly chart, SNOW is advancing in a strong impulsive trend within a broader bullish framework. Wave (I) has already completed following a breakout from a consolidation triangle. Currently, the market is moving through Wave (II), and once this corrective leg ends, a strong Wave (III) is anticipated. Wave (III) typically carries significant momentum, representing a key opportunity. Traders should observe resistance and potential consolidation areas before the upward continuation resumes.

SNOW Elliott Wave 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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