My Elliott Wave Analysis Palantir Stock 2021
My Elliott Wave Analysis Palantir Technologies Stock
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The Elliott wave principle allows one to understand
the price structures and make decisions that do not
fight the price-action.
Today, I will share with traders my preliminary Elliott
wave analysis of Palantir Technologies Inc.
Let get right into it.
As Palantir Technologies Inc stock is a newly listed stock
there is not yet enough data on the monthly chart to conduct
a viable wave analysis. Therefore, I will use the daily chart on
this occasion.
It also means that this wave count is a bit speculative at this
stage. One must handle it with a pinch of salt. Right? All's good.
Of course, in due course I will complete a full wave analysis
on the monthly chart.
The first Elliott wave started on 20 October 2020 and ended on
30th November 2020.
The second wave is a complex flat correction with a triple
double retracement. Please do not smash your computer
out of anger if you have never heard of triple double
retracement.
Follow the cursor on my daily chart and you will understand
what is a triple double retracement.
It is fair to say that a triple double retracement is the result
of a delayed C-minor-wave of a complex flat correction as
the market is waiting for that delayed C-minor-wave.
Normally, that C-minor wave sould occur after the first double
retracement. Well, it did not happen.
Consequently, we have an
extension of the first double retracement that ended being a triple
double retracement. Strange isn't it? Well, strange things do happen
in the financial markets. What are you going to do about it?
Personally, I will just flow with the price-action without jumping ahead.
Right? Alright, that is it.
Please feel free to disagree with
my wave count. That is very welcomed.
That second wave started on 30th November 2020
and stopped on 10 May 2021; a day before this recording.
Warning
The wave count is one step at at time. However, that is all I
can say about the Palantir Technologies stock (PLTR) at the
time of this recording (11 May 2021).
Before one can begin salivating like the Pavlov's dog that is
thinking of a huge profit in the expected third wave, the stock
must build a reliable support above that $20.10 even better
stay above $21.10.
That is critical at this juncture for Palantir stock. Otherwise,
the bears will not hesitate bring it down to $3.
Moreover, the fundamentals must be improving to the point
of attracting more long term investors that will kick start a
healthy third wave. We will see.
Note that a third that fails will be labelled in this instance as X-wave.
For now, we will just flow with the price-action without fooling
ourselves. That is not good.
One question remains.
Will Palantir Technologies Inc stock stand up and be counted
like a bullish cow that defies the peak stage of the NASDAQ-100 index?
In my opinion, if Palantir stock does not start that expected third wave
before August 2022, then it may have to wait a little bit longer.
Having said that, long term patient investors may use that time
to keep loading it until that third wave springs out of the dust.
Financials Key Levels To Remember
The first price level that one can not afford to ignore is $20.10.
Draw it on the chart and leave it there. Today, provided that nothing
has changed for the worst, Palantir stock is considered oversold
below $20.10.
The next price target is in the zone of $35.85. Please draw it too.
Note that the price has already tagged that zone (not level).
There is also a Fibonacci price target at 56.92.
That is all I have to say today, but I will surely update you in due course
when other targets become available.
Please draw all those targets and leave them on your chart.
Full Disclosure
I am a little fish in the deep waters of the financial markets, but
I can swim very well. I hold a handful of Palantir stock in my
calculated risky account. I reserved the rights to load more of it
in a timely fashion without warning others. I may close my
position in the same fashion.
Please do not use this video as a very good excuse to buy, sell
or hold this stock. Please do your due diligence and never take
my words for it.
I hope this video will help. If that is the case, smash the like button
until it turns blue. If you are not impressed one bit, please hit the
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All those good things put a big smile on my face, and I really
appreciate them.
I wish you the very best in your trading.
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