PLTR. This Future Move Makes Sense. RE-POSTED.
Updated
NYSE:PLTR was in a rising wedge before it made the recent 43% drop. Now, on the weekly, it appears to be forming a falling wedge . What this means is that we see at least one lower low, before we can break the top of the falling wedge , and eventually reach all time high. Currently, the falling wedge is not confirmed because we have only two touches on its bottom side. Moreover, RSI is sinking lower and lower with each new low. We wait to see a lower low corresponding with a higher RSI low, forming an RSI divergence. When that happens, then we have a trade setup with 80% to 100% upside, depending on where bullish confirmation occurs. For now, we just wait and see.
Note
Weekly candle broke my trend line and even closed below it with a solid red candle. So much for the falling wedge. As I said in the original post, it wasn't yet confirmed. I wonder if next week will take us back into the wedge and then we can see if the 2W chart would still respect the wedge. Nothing changed. We're still waiting.Note
Is this line gonna hold price? I expect not.
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