PANW Elliott Wave Analysis: Evaluating Current Wave Structure for Potential Price Movements
This Elliott Wave analysis for Palo Alto Networks Inc. (PANW) provides an in-depth look at the wave structure and potential price action on both the daily and 1-hour charts. The focus is on identifying wave positions and key price levels that could inform trading strategies.
PANW Elliott Wave Analysis - TradingLounge Daily Chart
Palo Alto Networks Inc. (PANW) Daily Chart Analysis
PANW Elliott Wave Technical Analysis
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Minor 1 of (5)
Direction: Upside into wave 1
Details: The daily chart suggests that PANW is resuming its uptrend following a three-wave move into wave (4). The stock is currently trading between TradingLevel3 (TL3) and the $400 price level, indicating a potential breakout to the upside in Minor wave 1 of Intermediate wave (5).
PANW Stock Technical Analysis – Daily Chart
PANW has completed a corrective three-wave structure into wave (4), positioning it for an impulsive move higher. The stock is currently trading between TL3 and $400, suggesting that the next key level to watch is a breakout above $400, which would confirm the continuation of the uptrend in Minor wave 1 of Intermediate wave (5). Traders should monitor for this breakout as it signals further upside potential.
PANW Elliott Wave Analysis - TradingLounge 1H Chart
Palo Alto Networks Inc. (PANW) 1H Chart Analysis
PANW Elliott Wave Technical Analysis
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Wave {ii} of 1
Direction: Bottom in wave {ii}
Details: The 1-hour chart indicates that PANW is in a corrective phase, specifically in wave {ii} of 1. The stock may either continue sideways in wave (b) of {ii} before completing the correction lower in wave (c), or wave (c) may already be in progress.
PANW Elliott Wave Technical Analysis – 1H Chart
The current corrective phase in wave {ii} of 1 could unfold in one of two scenarios: a sideways move in wave (b) of {ii}, followed by a lower move in wave (c), or wave (c) is already underway. Once wave {ii} completes, traders should anticipate a continuation of the uptrend in wave {iii} of 1, signaling a potential buying opportunity.
Technical Analyst: Alessio Barretta
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