FTNT Elliott Wave Analysis Trading Lounge

Fortinet Inc., (FTNT) Daily Chart

FTNT Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Impulsive

STRUCTURE: Motive

POSITION: Wave (3).

DIRECTION: Upside within wave 5 of (5).

DETAILS: We are looking for a bottom in wave 4 as we have approached TradingLevel1 a 100$.

Fortinet Inc., (FTNT) 1H Chart

FTNT Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Impulsive

STRUCTURE: Motive

POSITION: Wave {c} of 4.

DIRECTION: Bottom in wave {c}.

DETAILS: Looking for one more leg lower into wave 4 to then turn higher. Equality of {c} vs. {a} stands at 89$ while another feasible target is at 93$ which is 0.618 {c} vs. {a}.

In this Elliott Wave analysis, we will review the trend structure of Fortinet Inc., (FTNT) using both the daily and 1-hour charts to assess the current wave position and potential price movements.

* FTNT Elliott Wave Technical Analysis – Daily Chart*

Fortinet (FTNT) appears to be in wave 5 of (5). Currently, it is finding support as it approaches TradingLevel1 at $100, which coincides with the expected completion of wave 4. Once wave 4 forms a bottom, the analysis suggests further upside potential as wave 5 unfolds.

* FTNT Elliott Wave Technical Analysis – 1H Chart*

On the 1-hour chart, FTNT is in the final stages of wave {c} of 4, which could complete the wave 4 correction. The next leg lower is anticipated to end around $89 (equality of {c} vs. {a}) or $93, which corresponds to the 0.618 Fibonacci retracement of {c} vs. {a}. After this, we expect a turn higher, marking the beginning of wave 5.

Technical Analyst : Alessio Barretta

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