I was the first Elliottician that I know of who was able to identify the big B wave triangle (arrow) some time back, and I was expecting a big plunge and got that. I expected it to go deeper than it did when it fell there, and then when I accepted a bottom, it rallied higher than I expected (to the orange 1). It’s a new stock, so it’s all still in development as big players vie for various positions. But it’s fascinating to play because of the volatility and it’s an interesting company, I think.
After the last successful short-term call on $PLTR that I made here, I think I’m ready to commit myself to a new call. Just because I got the last one right on the kisser does not mean I will get this one, too, but I will explain my reasonings.
What makes me skeptical of a moonshot here is everything above that red scoop. There’s so much overlapping chop that I almost have to insist that it’s corrective, rather than impulsive. So, I’ve drawn parallel rails to complement the measured move I’ve been pointing out down there for the minor (green) C, the end of intermediate (orange) 2. And that’s where I think we’re most probably headed. I think the whole thing is a big corrective flat, and it needs 5 waves down to complete.
The alternative is that all the overlapping waves above the scoop are essentially ones and twos and we’ll moon to $60 in a heartbeat, but I have doubts about that.
[UPDATE]: The target range has been reached. I will file this under “Successful Calls.” I will need to monitor the price action from here prior to making a new call.
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