Palantir - detailed technical analysis
A few words about palantir:
My point of view has changed a bit. A few weeks ago I mentioned a small bearish formation, but palantir invalidated it with a gap up island. This is a good sign of more upside pressure.
The chart shows the first signs of a developing channel. May 11th is considered to be a trend change day. Since then, palantir has been running very cleanly with impulse structures.
Wave 2 in white could be finished. Why?
1st indication: Wave 2 has already corrected very clearly and has bottomed out between 61.8% and 76.4%.
2nd indication: The lower trend line of the channel supports the assumption. Fibo + trendline represent a cluster. These are given special attention by the market. On the lower trend line, palantir 5 made very clear touches.
3. Indicator: After palantir bobbed around the lower trend line, there was a strong gap up. Since then, palantir has been running a little sideways and building strength. I see this formation as a bullish gap island. Bullish gap islands often do not appear alone. Rather, this will result in further gap-ups with corresponding gap islands.
All of these indicators lead us to assume that palantir is on the way to intermediate high at 27.56.
And this level is particularly important. All of the points I mentioned can be pulled back into bearish territory very quickly, provided that the high of wave 1 is not exceeded.
In my opinion, this has to happen as quickly as possible - preferably with a further gap up. Then we can assume that we are in an ongoing wave 3. This would open up the following targets for us.
- 35.06
- 37.54
- 39.03
That means we would leave the channel (to the upside!)
If this is the case, however, we have to expect another pullback into the channel (wave 4). Then a wave 5 could occur - this would then correspond with a channel projection. That means in the next year we could see significantly different prices (40+).
Important:
The setup remains active as long as we stay in the channel. In addition, the market should make a first attack on 27.56!
Channel projection & chart:
My point of view has changed a bit. A few weeks ago I mentioned a small bearish formation, but palantir invalidated it with a gap up island. This is a good sign of more upside pressure.
The chart shows the first signs of a developing channel. May 11th is considered to be a trend change day. Since then, palantir has been running very cleanly with impulse structures.
Wave 2 in white could be finished. Why?
1st indication: Wave 2 has already corrected very clearly and has bottomed out between 61.8% and 76.4%.
2nd indication: The lower trend line of the channel supports the assumption. Fibo + trendline represent a cluster. These are given special attention by the market. On the lower trend line, palantir 5 made very clear touches.
3. Indicator: After palantir bobbed around the lower trend line, there was a strong gap up. Since then, palantir has been running a little sideways and building strength. I see this formation as a bullish gap island. Bullish gap islands often do not appear alone. Rather, this will result in further gap-ups with corresponding gap islands.
All of these indicators lead us to assume that palantir is on the way to intermediate high at 27.56.
And this level is particularly important. All of the points I mentioned can be pulled back into bearish territory very quickly, provided that the high of wave 1 is not exceeded.
In my opinion, this has to happen as quickly as possible - preferably with a further gap up. Then we can assume that we are in an ongoing wave 3. This would open up the following targets for us.
- 35.06
- 37.54
- 39.03
That means we would leave the channel (to the upside!)
If this is the case, however, we have to expect another pullback into the channel (wave 4). Then a wave 5 could occur - this would then correspond with a channel projection. That means in the next year we could see significantly different prices (40+).
Important:
The setup remains active as long as we stay in the channel. In addition, the market should make a first attack on 27.56!
Channel projection & chart:
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