Palantir has experienced a remarkable rally since its April lows, surging to its current price levels. Throughout this uptrend, I’ve been analyzing the movement through the lens of Elliott Wave Theory. Given the stock’s relatively limited price history, the wave structure has been notably straightforward and discernible.
We’ve decisively broken through several key price zones as the stock appears to be approaching the culmination of a fifth wave, with a projected target around the $185–$186 range. Based on my analysis, this level may act as a potential area for profit-taking, potentially triggering a retracement toward the Point of Control (POC)—the price range that has seen the highest volume during this ascent.
If such a pullback does occur, it could serve as an effective hedge for those who have realized significant gains during this impressive rally.
We’ve decisively broken through several key price zones as the stock appears to be approaching the culmination of a fifth wave, with a projected target around the $185–$186 range. Based on my analysis, this level may act as a potential area for profit-taking, potentially triggering a retracement toward the Point of Control (POC)—the price range that has seen the highest volume during this ascent.
If such a pullback does occur, it could serve as an effective hedge for those who have realized significant gains during this impressive rally.
Trade active
Locked in around $186 for the short Note
TP1 around 170 gap zone Note
TP1 smashed, tp2 coming it at the gap fill around the 160 zone. Note
Gap filled Note
Take profit 3, smashed again. Leaving the remaining position running for the final target Note
Reloaded on this short as we get rejected from the upper bound of the value area range. Looking for a potential second wave now, tight stop to avoid giving away profits Note
Up closer, you can see the bearish reclaim of the range Note
Looking for a potential harmonic now Note
last resort here is the 886. Keep in mind, this is still a bullish harmonic..Note
Harmonic invalidated for now, what I will look for is more so of a distribution range now where we have blow off move, on high volume, perhaps peak euphoria around 200 or so. 
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.