Palantir has continued to push higher, but if you look at MACD, it is running into resistance. Also, it is within the white target box for an impulsive wave, and has officially hit the yellow 1.0 if it is to be an abc pattern for the (a) of minor B. Due to the impulsive looking structure it seems to be turning into, and the duration/level of this move higher, I am officially making the bullish count my primary. That being said, the yellow count can still play out, but given the current price action and time duration, I find the white count most plausible.
We're due for a consolidation lower regardless of what count comes to fruition. Both patterns point to an abc move next to the $80 area if it is to be standard. The part that comes after that is what will answer the question of which count is correct. Once we get that move lower, if it is in the form of an abc, I will try to enter into a long position around the 0.618 retracement fib. That will be the least risky place to enter.
If the white count is what is playing out, then a minor wave 3 will come after the consolidation lower. If the yellow count is to play out, then it will be a minor C wave that takes us to the $120's. Either way you look at it, I am forecasting price to move significantly higher after our next move lower.
Let me know if any questions linger. I have added an orange label above the white box to signify we can still very easily get another high for minor wave 1. Once we do have a top in, I will add some retracement fibs to track the move lower.
We're due for a consolidation lower regardless of what count comes to fruition. Both patterns point to an abc move next to the $80 area if it is to be standard. The part that comes after that is what will answer the question of which count is correct. Once we get that move lower, if it is in the form of an abc, I will try to enter into a long position around the 0.618 retracement fib. That will be the least risky place to enter.
If the white count is what is playing out, then a minor wave 3 will come after the consolidation lower. If the yellow count is to play out, then it will be a minor C wave that takes us to the $120's. Either way you look at it, I am forecasting price to move significantly higher after our next move lower.
Let me know if any questions linger. I have added an orange label above the white box to signify we can still very easily get another high for minor wave 1. Once we do have a top in, I will add some retracement fibs to track the move lower.
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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.