Short
PLTR - Correction incoming?
We can now count a very nice 5 waves move up from the Dec 2022 low. While there is currently no sign that price has topped, it has hit a major monthly resistance level at around $26.50. Confirmation that a correction has begun would occur when price breaks below the ascending trend line.
Should a correction take place in the coming months, price should at least retest previous support at $13.83 and potentially the $10.27 level which is around the 0.618 retracement level of the 5 waves up
Should a correction take place in the coming months, price should at least retest previous support at $13.83 and potentially the $10.27 level which is around the 0.618 retracement level of the 5 waves up
Note
The 15% drop on earnings could be what really gets this correction started
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.