PLTR - The end of the correction is near!Since our last analysis, palantir tumbled another -27% and an end of the decline seems to be nowhere in sight. NYSE:PLTR
Our calculations however proved to be very precise in the last months, we want to continuously support investors with our analysis in these difficult times.
Since Cathy Wood decided to sell all shares of PLTR it became very quiet around palantir, by now most investors should be deeply in the red. In the last weeks there was hardly any positive article in the newspapers. This is another sign for us that this painful correction cycle will be over soon.
At Mendenmein Capital we know, that investors who do not let themselves become paralyzed by fear and continue to show consistency in their strategy always benefit the most.
Technical explanation of the Elliot Wave structure:
In our last article, we expected a big recovery in the major red wave 4. However, this recovery came to an surprisingly early end after a recovery of mere 22%. After this, we reached new lows and the current structure is dominated by a final downward impulse.
A downward trend channel has emerged in the orange impulse, wave (iii) stopped at $9.78 and was followed by a recovery to $12.52 in wave (iv). PLTR stock decided to trade sideways for almost three weeks, in the end a typical feature of such a movement has emerged. A triangle! The price has now approached the final stages of the triangle formation and we expect that we exit it in this trading session or in the next few days. We are now in the cyan downward impulse which will bring us to approximately $9.11 in wave (iii). We currently estimate that the final low in palantir will be at around $9. However, depending on the volatility, this may be pushed down further!
Our estimated final low at $9 will provide investors with very lucrative buying opportunities for long-term purchases. We want to mention again that we as Mendenmein Capital expect the stock to reach its previous all-time high and prices of up to $80 in the next few years.
Important: As long as palantir does not break above the important resistance at 14.26$, a bullish reversal cannot be expected.
We advise investors to watch Palantir very carefully in the coming days, as we are in the final moments of this major correction.
Feel free to visit our website for more articles and information! www.mendenmein-capital.com
Disclaimer:
According to legal regulations, Mendenmein-Capital is not a certified or legally recognized financial advisor and any transactions based on published content are at your own risk.
Mendenmein-Capital cannot be held liable for any losses whatsoever according to the legal regulations in it's country of residence.
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