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.

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I will defend the bullish stance I’m taking here in a separate article, so let me just focus on this particular call.

The last call was here, and it’s worked well. The trouble for bears here is that it started its life off with a very nice impulse wave. And it’s obviously corrected ever since. And its come to roughly where we would expect it to come to for a two. And so, goodness, this may be only in the early stages of a huge move that will last for some time. The minimum target is the orange box above, but it may go significantly higher, and in fact I expect it to so that there will be a huge gap between it first and fourth primary waves The other targets are 113, 150 and 186).

The public is very bullish on this stock and I think this long, exhausting correction has simply shaken most of them all out.

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According to my principal analysis (which of course could be wrong), $PLTR may have more downside ahead. The first leg down can be counted as a leading diagonal in five waves, so this counter-trend bounce should be a B wave (or a 2, it doesn’t really matter at this point—that’s what we get to test on the next step).

Once it finishes a 3-swing move to the box above (it’s still in the first swing), it should move towards the lower target in five waves. If it gets to the box, then it’s more likely a 3rd wave and not a C. If it goes in that direction but falls short of the box, then the correction may be over.

At this point, all I’m looking for at the moment is more up, then more down. It’s the magnitude of the next down that will tell us more.

Read more “Possibility of a Fade Fade on $PLTR”

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Note: When my work is first published on this website, it is made available to patrons who support my work through my Patreon account. Over time (usually after a period of a few months), I make the work public. To gain access to my work when it is produced, please consider becoming a patron. More information may be found on my About page and on my Patreon page.

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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.

Read more “$PLTR Next Moves”

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The structure on $PLTR has been difficult to count. That said, the wedge it is in may indicate that it needs to make a further high to test the top of the wedge again (the bullish case is that it will move above it, but I will remain conservative here on this one).

Target is the orange box / trend line.

Read more “$PLTR Finding Initial Support Here May Lead to a Rally”

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Note: When my work is first published on this website, it is made available to patrons who support my work through my Patreon account. Over time (usually after a period of a few months), I make the work public. To gain access to my work when it is produced, please consider becoming a patron. More information may be found on my About page and on my Patreon page.

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