PANW Elliott Wave Forecast & Technical Analysis – TradingLounge
Elliott Wave analysis of Palo Alto Networks Inc. (NASDAQ: PANW) reviews both the daily and 1-hour charts to identify the current Elliott Wave count, analyse key support/resistance levels, and forecast potential future price moves using classic wave theory principles.
Palo Alto Networks Inc. (PANW) Elliott Wave Analysis – TradingLounge Daily Chart
PANW Elliott Wave Technical Analysis
Function: Trend
Mode: Motive
Structure: Impulsive
Position: Wave (i) of {i}
Direction: Upside in wave {iii}
Details: Minor wave 4 seems complete, confirmed by a bounce off the W vs. Y equality support. Price is holding above the Medium Level at $150, reinforcing the case for an emerging bullish wave {iii}.
Daily Chart Summary:
Palo Alto Networks (PANW) stock price analysis indicates renewed bullish momentum. With Minor wave 4 likely complete and $150 acting as solid support, wave (i) appears to be unfolding to the upside. Confirmation of this move strengthens the case for wave {iii} targeting higher levels in the next impulsive rally.
Palo Alto Networks Inc. Elliott Wave Analysis – TradingLounge 1-Hour Chart
PANW Elliott Wave Technical Analysis
Function: Trend
Mode: Motive
Structure: Impulsive
Position: Wave b of (ii)
Direction: Bottoming in wave (ii)
Details: PANW rallied in five waves from the April 7th low. The stock is currently in a possible wave (ii) pullback. Once the correction completes, a bullish continuation in wave (iii) is expected.
1-Hour Chart Summary:
Short-term PANW Elliott Wave outlook shows a potential bullish setup forming. After a clear five-wave advance, the ongoing corrective move could complete wave (ii). Traders should monitor for a completed three-wave structure, which could lead to the next bullish impulse via wave (iii).
Technical Analyst: Alessio Barretta
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