There is a lot to unpack regarding Palantir based on what has transpired as of late. I have removed the possible smaller degree irregular abc pattern that I was tracking. If you draw fibs for what would be a sub-minuette wave i of (v), you see that our recent top was made right around the 1.236. This is very standard for ED's. Also, when it reversed, it did so with strength which is another trait of ED's.
MACD broke down below the trend line and has come back into the wedge. It appears to be weakening/curling, setting price up for a potential move down again. What I would like to see, is for MACD to remain under the upper trend line while resetting before dropping and pulling price back down with it. This would fit well with the white count. If this happens, then I believe the ensuing price action would reflect close to what I have laid out on white.
The ALT count, which is becoming less and less likely every day, is the yellow pattern. This suggests that we're within a larger degree irregular ABC pattern. If this is the case, then price would likely drop to the $65 area if not lower. I think this pattern is very low probability, but it could still happen so it will stay on the chart for now.
In short, I believe we have topped in an ED with the slim chance of getting one more slight high. If we have topped, we should be headed for the target box in a 3-wave fashion. This would be a great place for longs should the coming price action follow my predicted structure.
MACD broke down below the trend line and has come back into the wedge. It appears to be weakening/curling, setting price up for a potential move down again. What I would like to see, is for MACD to remain under the upper trend line while resetting before dropping and pulling price back down with it. This would fit well with the white count. If this happens, then I believe the ensuing price action would reflect close to what I have laid out on white.
The ALT count, which is becoming less and less likely every day, is the yellow pattern. This suggests that we're within a larger degree irregular ABC pattern. If this is the case, then price would likely drop to the $65 area if not lower. I think this pattern is very low probability, but it could still happen so it will stay on the chart for now.
In short, I believe we have topped in an ED with the slim chance of getting one more slight high. If we have topped, we should be headed for the target box in a 3-wave fashion. This would be a great place for longs should the coming price action follow my predicted structure.
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Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
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.
Go to ewtdaily.com for DETAILED DAILY UPDATES on 27 unique tickers and a daily zoom call with members to discuss latest analysis and get a 7-day FREE trial
Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
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.