Here is a multi-timeframe look at Tableau (DATA). Starting with the daily chart on the left, we can see that price has rallied from the 2016 low back to the all-time high around $130. The stock has moved higher within a series of trend channels - the steeper of which is clearly an Elliott Wave impulse. With price testing trendline support here, we're looking for opportunities to sell a break back to the topside of the longer-term trend channel.
Drilling down to a 120m chart, we can see what may be the final waves of the impulse. In this count, Wave 4 is an expanded flat correction followed by an ending diagonal in Wave 5. Fading momentum as shown by RSI divergence can be seen on both the daily and 120m charts, which is common for this type of Elliott Wave setup. Look for DATA to break through the 200-day moving average that is currently supporting price and move quickly back to the prior Wave 4 low. Initiating a short position at market with an initial target at $95.
Drilling down to a 120m chart, we can see what may be the final waves of the impulse. In this count, Wave 4 is an expanded flat correction followed by an ending diagonal in Wave 5. Fading momentum as shown by RSI divergence can be seen on both the daily and 120m charts, which is common for this type of Elliott Wave setup. Look for DATA to break through the 200-day moving average that is currently supporting price and move quickly back to the prior Wave 4 low. Initiating a short position at market with an initial target at $95.