Salesforce Inc - Chance for Short Term Pump Before Correction?

CRM is undoubtedly one of the leaders in the ERP industry and with growing digitalisation of economies the growth is going to continue.

The question is - can the upcoming earnings report convince investors for another bull run to update the current high of £311?

Fundamentally: the company is rapidly growing in revenue but the profits are not quite there yet and it's outrageously overpriced with P/E at 115x.

Technically: looking at the weekly timeframe we can clearly see the impulse structure and the last correction indicates the formation of Extended Flat with 3-3-5 wave sequence. If this is the case then there is a chance for another bull run to a potential target of £311.

Risks - as mentioned earlier P/E is too high at this uncertain time with recession talks on all media channels so it is a risk that the next earnings report may spook the investors and correction will go even deeper.

I am keen to know what your position is on CRM .

Please share your thoughts in the comments and like this idea if you would like to see more stocks analysed using Elliott Waves.

Thanks