Palantir : In-depth Chart Analysis and Future Outlook
Updated
In our detailed examination of the daily chart for Palantir Technologies, we've uncovered the development of a 5-wave cycle culminating in our significant Wave (1). We are currently navigating through Wave (2), which appears to be shaping up as an expanded Flat Correction. Closer analysis suggests that the extent to which Wave B overshoots should directly correlate with the extent to which Wave C dips below Wave A, precisely targeting the 61.8% retracement level. This makes the $10.94 level particularly intriguing for us.
Given the presence of a gap near the 78.6% retracement level, there's also a possibility that this gap might be filled. Our conviction in Palantir's potential and the compelling narrative of the chart argues against being prematurely stopped out. Consequently, we're considering setting our stop-loss strategically below the $7.19 level, the subordinate Wave 2, at $7.
For the upcoming Wave (3), we anticipate a minimum rise to 161%, with the potential to extend up to 361%, projecting a price range between $32 and $58 for Wave (3).
Given the presence of a gap near the 78.6% retracement level, there's also a possibility that this gap might be filled. Our conviction in Palantir's potential and the compelling narrative of the chart argues against being prematurely stopped out. Consequently, we're considering setting our stop-loss strategically below the $7.19 level, the subordinate Wave 2, at $7.
For the upcoming Wave (3), we anticipate a minimum rise to 161%, with the potential to extend up to 361%, projecting a price range between $32 and $58 for Wave (3).
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