PLTR: Correction has begunI have been waiting for a correction in the stock since selling out of it in early February. There has been a couple of months long distribution pattern formation and now a confirmed breakdown this week. I had been short for a couple of weeks and second guessing myself a few times because bulls were heavily defending the neckline for H&S pattern. It almost formed a re-accumulation pattern and a falling wedge, almost shaking me out of my short position. I am glad I held on due to the Elliott wave pattern and now comfortably sitting on a pretty good cushion. I am planning to get out before the B wave bounce starts, which I think will be at the 0.764 retrace area at $19 which is also a very large volume support. After that will look for a 3 wave bounce. Then possible short again for a 5 wave down move down between $19 and $15 area. I am not sure if the retracement will be deep or not, but there is a lot of geo political turmoil going on, which might favor the stock. Whatever it might be, I think between $15 and $10 will be a great once in a decade buy, something like Tesla back in 2012. There is however a chance that all of the rally and this correction is part of a wave B and a very large selloff to single digits or even pennies are yet to come. We will think about that if a lot of things happen first. For now, I am trading my short term bearish, long term bullish plan.
