Home Market If You Missed To Buy Palantir ($PLTR) You Have A New Opportunity...

If You Missed To Buy Palantir ($PLTR) You Have A New Opportunity – Forex Market Analysis – ForexCycle.com

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Palantir Technologies (PLTR), Inc. is a holding company, which engages in the development of data integration and software solutions. It operates through the Commercial and Government segments. The Commercial segment offers services to clients in the private sector. The Government segment provides solutions to the United States (US) federal government and non-US governments. The firm offers automotive, financial compliance, legal intelligence, mergers and acquisitions solutions.

PALANTIR ($PLTR) April Daily Chart

PALANTIR ($PLTR) April Daily Chart

In January 2021, Palantir made an important peak at 45.00 and it has been going down ever since. We could see 5 waves clearly from the top where wave ((4)) is a triangle. This impulse we labeled as wave “a” ending at 17.09, more than 50% in losses. After that, PLTR bounce in 3 waves above of 38.2% Fibonacci retracement of wave “a” and resume to the downside. This correction ended at 29.29 dollars and we labeled as wave “b”. The next structure lower as wave “c” has ended with 5 swings lower to complete a zig zag correction from January 2021 peak as wave (II). This wave “c” ended at 6.44 very close to our proposed level at 6.60. (If you want to learn more about Elliott Wave Theory, please follow these links: Elliott Wave Education and Elliott Wave Theory).

PALANTIR ($PLTR) August Daily Chart

PALANTIR ($PLTR) August Daily Chart

After completing wave (II), Palantir bounce developing a leading diagonal structure. Up from 6.44, wave 1 ended at 9.38 and pullback as wave 2 finished at 7.49. Then rally again and wave 3 completed at 10.50. The market rejected the stock forming a flat correction as wave 4 ending at 8.65. This movement penetrated the zone of wave 1; therefore, it is a leading diagonal structure from the low. Last push higher to complete wave 5 and (1) ended at 11.78. From here, we are expecting a correction in 3 or 7 swings before continuing the rally again. The ideal area currently comes in 9.11 – 8.50, but it could change depending on how the structure develops in the market in near term. The view is valid as we stay above 6.44.

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