$PLTR - Ready to pop? (multi-analysis convergence)
This is one that i've been watching for a while now. Im going to look at this price action using 3 different methods: Elliot Waves, Pitchforks, and Volume Profile (with some anchored VWAP and MA action)
Based on the EW analysis, we are in an intermediate wave 3 (yellow) of primary wave 3 (green) of cycle wave 3 (white), giving us a triple nest.
If you look at the modified Schiff pitchfork, we got rejected off the median during the Sept 17 high, found support at the 1.618 line and are now holding that support.
On the Volume profile, we got rejected off the high volume node (which coincides with the median line of the pitchfork and the wave 1 top from EWT) and are now consolidating off of another large high vol node, and sitting right underneath the POC line (red dashed), having bumped up against it several times now.
If you take the YTD Anchored VWAP, we are also sitting right on top of it, and right underneath the 200 SMA creating a pinch point.
If we get above 25.50-26, we will clear the volume node leaving us wide open to hit the previous high of 28-29, and clearing that, all the way to 40.
If we do break the 1.618 pitchfork support, we could fall to the 2 line, and test the bottom of the current volume node around 22.90, giving us a double bottom pattern at the previous resistance turned support level.
Based on the EW analysis, we are in an intermediate wave 3 (yellow) of primary wave 3 (green) of cycle wave 3 (white), giving us a triple nest.
If you look at the modified Schiff pitchfork, we got rejected off the median during the Sept 17 high, found support at the 1.618 line and are now holding that support.
On the Volume profile, we got rejected off the high volume node (which coincides with the median line of the pitchfork and the wave 1 top from EWT) and are now consolidating off of another large high vol node, and sitting right underneath the POC line (red dashed), having bumped up against it several times now.
If you take the YTD Anchored VWAP, we are also sitting right on top of it, and right underneath the 200 SMA creating a pinch point.
If we get above 25.50-26, we will clear the volume node leaving us wide open to hit the previous high of 28-29, and clearing that, all the way to 40.
If we do break the 1.618 pitchfork support, we could fall to the 2 line, and test the bottom of the current volume node around 22.90, giving us a double bottom pattern at the previous resistance turned support level.
