Palo Alto Networks - The multi-year impulse wave may be approaching its end
Technical Analysis: Elliott Wave | PANW CMP: 365 | Dt 10/24
Tl;dr - PANW can continue to rise and reach the $380-$420 range, at which point the odds will favor a three-wave decline that may see the price retrace to the $260-$200 levels.
Section 1 - Simple speak
PANW has been in a strong multi-year upward impulse wave, this momentum should continue for a while and see the price make new highs.
Current advance is relatively slow vs early part of 2024, which is expected in a Wave 5 advance. Once Wave 5 is complete (ETA 2-8 weeks), the prices should start a corrective pattern, taking prices lower
PANW Chart #1 - Macro view
Section 2 - Technical Analysis using Elliott Waves
Summary
PANW has been in a five wave impulse pattern, with Wave 5 playing out.
PANW is on track to hit $380 - $420 odd in Nov-Dec’24 and conclude its Wave 5 advance. Once Wave 5 terminates the stock should start an A-B-C correction.
Alternate count - Given US Elections are likely to keep the markets volatile, if the price breaks above the EW channel convincingly then we will need to relook at the count.
PANW Chart #2 - Technical levels
