PANW reached a new peak at $207.24 on December 16. Although the price briefly moved above the significant $200 threshold, it failed to gain traction at higher levels. Thus, we now consider the top of the beige wave B as established and position the stock in the third and final stage of the larger wave (II) correction. From the wave B peak, the stock has already seen a pullback of approximately 20%. We anticipate that this downward movement will continue and ultimately reach our blue Target Zone between $104.74 and $55.73, where the ongoing downtrend should find its bottom. In our alternative scenario, we assign a 30% probability to an immediate breach of the resistance at $207.24. In this case, we would have to reckon with a new high of the blue wave alt.(I).
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📊 Free daily market insights combining macro + Elliott Wave analysis
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.