16Apr

Salesforce Inc. (CRM) Elliott Wave Analysis: Forecasting Salesforce's (CRM) Market Dynamics and Upcoming Opportunities

CRM Elliott Wave Analysis Trading Lounge Daily Chart,

Salesforce Inc., (CRM) Daily Chart

CRM Elliott Wave Technical Analysis

FUNCTION: Counter Trend

MODE: Corrective

STRUCTURE: Flat

POSITION: Intermediate wave (4)

DIRECTION: Bottom in wave (4).

DETAILS: We are reacting off TL3 at 300$, in what we labelled as wave (3) of Primary 1. We experienced a long-term correction in wave IV which appears to be complete, and we are now looking for continuation higher.

Salesforce-Inc-daily...


 

CRM Elliott Wave Analysis Trading Lounge 4Hr Chart,

Salesforce Inc., (CRM) 4H Chart

CRM Elliott Wave Technical Analysis

FUNCTION: Counter Trend

MODE: Corrective

STRUCTURE: Flat

POSITION: Wave C of (4).

DIRECTION: Bottom in wave C.

DETAILS: We seem to have a three-wave move so far in wave (4), with a sideways wave B which because of its characteristics it gives us additional confidence we could be in a corrective structure.

Here's the latest on Salesforce Inc. (CRM) from our Elliott Wave Analysis Trading Lounge, examining both the daily and 4-hour charts.

CRM Elliott Wave Technical Analysis – Daily Chart Salesforce is currently exhibiting behavior typical of a counter-trend phase with a corrective mode and flat structure, positioned in an Intermediate wave (4). The direction is indicating a potential bottom in wave (4). We've observed a reaction off the key level, TL3 at $300, which we have identified as wave (3) of Primary 1. Following a prolonged correction in wave IV, which now appears complete, the outlook suggests a potential continuation higher.

CRM Elliott Wave Technical Analysis – 4hr Chart The 4-Hour chart further supports the daily findings but focuses on the specifics of the ongoing correction in Wave C of (4). This phase is also characterized as counter trend, corrective, and flat. The chart shows a three-wave structure for wave (4), with a sideways wave B. The nature of wave B provides additional confidence that we are indeed in a corrective structure, setting up expectations for a bottom in wave C.

Technical Analyst: Alessio Barretta

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

See Previous: Texas Instruments Inc. (TXN) Stock Analysis

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