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andrewyu02
Mar 9, 2024 4:22 AM

PLTR - Correction incoming? Short

Palantir Technologies Inc.NYSE

Description

We can now count a very nice 5 waves move up from the Dec 2022 low. While there is currently no sign that price has topped, it has hit a major monthly resistance level at around $26.50. Confirmation that a correction has begun would occur when price breaks below the ascending trend line.

Should a correction take place in the coming months, price should at least retest previous support at $13.83 and potentially the $10.27 level which is around the 0.618 retracement level of the 5 waves up

Comment

The 15% drop on earnings could be what really gets this correction started
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