Salesforce Inc. (CRM) Elliott Wave Technical Analysis – Trading Lounge
This analysis examines the current price structure of Salesforce Inc. (CRM) using Elliott Wave Theory on both the daily and 1-hour charts. Below is an in-depth breakdown of CRM's wave position and potential future price movements.
Salesforce Inc. (CRM) – Daily Chart Analysis
CRM Elliott Wave Technical Analysis
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Wave 5 of (3)
Direction: Upside in Wave 5
Technical Insights:
The daily chart suggests continued upside momentum as CRM moves within wave 5 of (3). There is strong potential for further gains, and an alternative scenario suggests that the entire move since June 2023 could belong to a lower-degree count. This interpretation implies that CRM may currently be completing wave 1 of (3), setting the stage for strong bullish momentum in the upcoming phases.
Salesforce Inc. (CRM) – 1H Chart Analysis
CRM Elliott Wave Technical Analysis
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Wave {i} of 5
Direction: Completion in Wave {i}
Technical Insights:
On the 1-hour chart, CRM appears to be completing wave {i} within wave 5, suggesting an imminent pullback in wave {ii} before the bullish trend resumes. The price may face resistance near the MG2 level at $380, which could serve as a key decision point before the stock continues its upward trajectory.
Technical Analyst: Alessio Barretta
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