The Case for a $PLTR Bottom

Here is a count for $PLTR that suggests a low of great significance is being put into place.

I will make some observations on some of the technicals:

  1. The high volume candles that have recently formed suggest capitulation.
  2. There is bullish divergence on the RSI.
  3. The lowest low on the RSI corresponds with the “3rd” wave (on my count), which is what we would expect to see.

From this point, we will need to see it stabilize, perhaps enter a period of accumulation, but at some point form an impulse wave on lower timeframes to help us confirm a low, and we will need some initial move up before we can begin generating targets. That said, if it is a primary (pink) 2 down there, as I believe it is, then it will eventually take out its prior all-time high.

PLTR


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