PLTR - Main engines, full power!Since our last analysis, Palantir NYSE:PLTR has established a strong upward movement and was able to break above the last high at 12.52$.
Thus, our expectations of new lows have been downgraded and we have changed our chart to a more bullish expectation.
We will continue to announce long signals whenever we see possible opportunities so stay updated and subscribe!
This breakout gave us reason to believe that the big correction in Palantir could already be over, this means that we are going to build bullish structures in the future.
In our last article "The End of the correction is near" which was published on Feb 14, 2022, we informed our subscribers that we have opened up long positions at the price of 12.53$.
We have put the relevant elliot waves on the chart, which will be of importance in the coming weeks.
It is also worth mentioning that the selling volume is almost completely exhausted on a weekly basis and the MACD is very close to a major cross . These two developments are marked on the chart below.
Technical explanation of the elliot wave structure:
Since the last low at $9.78, the price has made a remarkable rally and has increased almost +28% to $12.52 as part of wave (i).
After that, the stock suffered a sell-off, which in turn provided the foundation for wave (ii).
The share has since risen sharply again and we assume that we are in an impulsive wave (iii), the minimum target of this movement is at $14.71.
After that, a short correction will take place within the wave (iv) and after this we will enter wave (v) towards 1$6.
Investors who are familiar with elliot waves know that after this impulse another large 1-2 setup will follow.
This means that the price will suffer a correction again which will lead us back to the region of $13-$12, this again sets the foundation for long-term increases.
More precise price targets for wave 2 can only be named in the coming weeks.
There is a slight risk that we could break below the last support at $10.28. This support is very important for maintaining the upwards movement, if we should break below this support, we could suffer another correction which would lead Palantir back to prices under $9. This scenario however is unlikely, and we would inform subscribers about possible changes in our expectations.
We will of course inform our subscribers about this correction and possible LONG entries.
Keep in mind that this is a buy and hold position - unleveraged and without a stop-loss.
Long #1
AVERAGE EXECUTION PRICE: $13.53
STOP-LOSS: NONE
LONGTERM-TARGET: +$80
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