In this Elliott Wave analysis of Fortinet Inc. (FTNT), we assess both daily and intraday timeframes for trend confirmation and price forecasting.
Fortinet Inc. (FTNT) Elliott Wave Analysis – Trading Lounge Daily Chart
FTNT Elliott Wave Technical Analysis
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Wave 1 of (5)
Direction: Looking for bottom in wave 2
Details: Fortinet (FTNT) has likely completed Minor wave 1 with a five-wave impulse pattern. We are now monitoring for the bottom of corrective wave 2. A decisive move above the key resistance at TradingLevel1 ($100) would confirm the beginning of wave 3, signaling a new bullish phase.
Daily Chart Insight: Fortinet has completed Minor wave 1 of a larger bullish cycle (wave (5)) with a clear five-wave impulsive move. The market is now correcting in wave 2. A breakout above the $100 TradingLevel1 would confirm the initiation of wave 3, reinforcing a bullish outlook.
Fortinet Inc. (FTNT) Elliott Wave Analysis – Trading Lounge 1-Hour Chart
FTNT Elliott Wave Technical Analysis
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Wave {c} of 2
Direction: Looking for bottom in wave {c}
Details: The current price structure suggests wave {c} of 2 is nearing completion with a five-wave decline. Price action is approaching the 1.618 Fibonacci extension of wave {c} versus wave {a}, which is a typical target zone for zigzag corrections. A bullish reversal at this level would indicate the start of wave 3.
1-Hour Chart Insight: Intraday analysis shows that wave {c} of 2 is approaching completion near the 1.618 Fibonacci extension, aligning with classic Elliott Wave zigzag correction targets. A reversal from this level would confirm the end of wave 2 and the likely start of an impulsive rally in wave 3.
Technical Analyst: Alessio Barretta
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