Elliott Wave Technical Analysis - Sept. 12: Fortinet

Elliott Wave Analyst - tradinglounge • Sep 12, 2022 at 4:22 AM EDT

The overall correction for Fortinet into wave (4) seems to be completed. I am looking for further confirmation: Ideally, we would break the green line to exclude the possibility of a five wave move to the downside.

Fortinet Inc., Elliott Wave Technical Analysis

Fortinet Inc., (FTNT): Daily Chart, September 12 2022,
FTNT Stock Market Analysis:The overall correction into wave (4) seems to be completed. I am looking for further confirmation: Ideally, we would break the green line to exclude the possibility of a five wave move to the downside.

FTNT Elliott Wave count: {iii} of 1.
FTNT Trading Strategy: Looking for wave 2 to place longs.

FTNT Technical Indicators:The 200EMA could act as resistance if we move higher as expected.

TradingLounge Analyst: Alessio Barretta

Fortinet Inc., FTNT: 4-hour Chart, September 12 2022

Fortinet Inc., Elliott Wave Technical Analysis
FTNT Stock Market Analysis: Next upside target is the break of wave (ii) of {c}. After that we can see how the point of control is slightly below 60$.

FTNT Elliott Wave count: {iii} of 1.
FTNT Technical Indicators: RSI is getting close to overbought territory which could indicate e are preparing for an incoming wave {v}.

FTNT Trading Strategy: Looking for small intraday pullbacks which should stay supported.

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