Fortinet Inc. (FTNT) Elliott Wave Analysis – Trading Lounge Daily Chart

FTNT Elliott Wave Technical Analysis

Function: Trend

Mode: Impulsive

Structure: Motive

Position: Wave (3)

Direction: Upside within Wave 5 of (5)

Details:

Fortinet (FTNT) is nearing a potential bottom in Wave 4 as it approaches Trading Level 1 at $100. This level aligns with the expected completion of Wave 4, suggesting that further upside may follow as Wave 5 unfolds.

FTNT Elliott Wave Technical Analysis – Daily Chart

Fortinet (FTNT) appears to be advancing within Wave 5 of (5). The price is finding strong support near Trading Level 1 at $100, which aligns with the likely completion of Wave 4. Once a bottom in Wave 4 is confirmed, the analysis points to upward momentum as Wave 5 develops.

Fortinet Inc. (FTNT) Elliott Wave Technical AnalysisTrading Lounge 1H Chart

Function: Trend

Mode: Impulsive

Structure: Motive

Position: Wave {c} of 4

Direction: Bottom in Wave {c}

Details:

The price is expected to take one more leg lower within Wave 4. Key targets include $89 (equality of {c} vs. {a}) and $93, which represents the 0.618 Fibonacci retracement of {c} vs. {a}. After reaching these levels, a higher turn is anticipated, signaling the start of Wave 5.

FTNT Elliott Wave Technical Analysis – 1H Chart

On the 1-hour chart, Fortinet (FTNT) is completing its corrective phase in Wave {c} of 4. The next downward move is projected to end near $89, achieving equality of {c} vs. {a}, or at $93, which corresponds to the 0.618 Fibonacci retracement. Once these targets are met, an upward trend is likely to begin, initiating the formation of Wave 5.

Technical Analyst: Alessio Barretta

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