Elliott Wave Analysis: Fortinet Inc. (FTNT)
In this Elliott Wave analysis, we examine Fortinet Inc. (FTNT) using daily and 1-hour charts to evaluate the current wave position and forecast potential price movements.
FTNT Elliott Wave Analysis – TradingLounge Daily Chart
Fortinet Inc. (FTNT) Daily Chart Analysis
FTNT Elliott Wave Technical Analysis Overview:
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Wave 5 of (3)
Direction: Upside in wave 5
Details: The analysis indicates continued upside momentum into wave 5 of (3). Given that Wave 3 was shorter than Wave 1, we expect Wave 5 to be shorter than wave 3. Alternatively, if wave (3) has already completed, the stock may be entering the early stages of wave (4), a potential corrective phase before resuming its upward trend.
Key Takeaways:
- Wave Projection: Anticipating further upside into wave 5 of (3).
- Alternative Count: Suggests wave (3) is complete, and wave (4) could initiate.
- Potential Implications: Corrective move in wave (4) may precede further bullish momentum.
FTNT Elliott Wave Analysis – TradingLounge 1-Hour Chart
Fortinet Inc. (FTNT) Stock Analysis – 1-Hour Chart
Fortinet Inc Stock Technical Analysis Overview:
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Wave {iii} of 5
Direction: Upside in wave {iii}
Details: On the 1-hour chart, Fortinet appears poised for further bullish movement in wave {iii} of 5. A visible three-wave pattern in what could be wave {ii} of 5 indicates that wave {iii} is likely to commence, suggesting a continuation of upward momentum.
Key Takeaways:
- Wave {iii} Formation: Indications of a completed wave {ii}, paving the way for wave {iii}.
- Bullish Outlook: Further upside expected as wave {iii} develops.
- Short-Term Trend: Momentum aligns with higher timeframes, supporting an overall bullish bias.
Technical Analyst: Alessio Barretta
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Summary
Fortinet Inc. (FTNT) demonstrates a bullish Elliott Wave structure on both daily and 1-hour charts. The stock is likely to continue its upward momentum in wave 5 of (3) on the daily chart, with potential corrections aligning with wave (4). On the 1-hour chart, FTNT signals the start of wave {iii} of 5, highlighting further bullish possibilities. Investors should monitor wave formations for confirmation of these projections.