PANW Elliott Wave Analysis – Trading Lounge
Palo Alto Networks Inc. (PANW) – Daily Chart
PANW Elliott Wave Technical Analysis

Function: Trend
Mode: Motive
Structure: Impulsive
Position: Wave (i) of {i}
Direction: Upside in wave {iii}
Details: Minor wave 4 appears to have completed as price bounced from the W vs. Y equality level and is holding above the Medium Level at $150. This supports the potential beginning of wave {iii}.

Palo Alto Networks Inc. (PANW) – 1H Chart
PANW Elliott Wave Technical Analysis

Function: Trend
Mode: Motive
Structure: Impulsive
Position: Wave b of (ii)
Direction: Bottoming in wave (ii)
Details: After a five-wave advance from the April 7th low, PANW is undergoing a possible three-wave pullback in wave (ii). Upon completion, a continuation to the upside is expected via wave (iii), offering bullish opportunities.

This Elliott Wave analysis of Palo Alto Networks Inc. (PANW) reviews both daily and 1-hour charts to highlight the current trend and forecast the next moves using classic wave principles.

Daily Chart Summary:
PANW shows bullish potential with Minor wave 4 likely completed. The price held key support at $150, suggesting that wave (i) of a new impulsive move higher is underway. A sustained move upward would validate wave {iii} as active, aiming at new highs.

1-Hour Chart Summary:
Following a clear five-wave rise from April 7th, PANW is correcting in what looks like wave (ii). Traders are watching for a completed three-wave pullback before the next impulsive leg higher resumes.

Technical Analyst: Alessio Barretta

More By This Author:

Elliott Wave Technical Analysis: Ripple Crypto Price News For Wednesday, April 23
Elliott Wave Technical Analysis: Computershare Limited
Elliott Wave Technical Analysis: Fortinet Inc. - Tuesday, April 22