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$PLTR - Mega Wedge Update

Long
NYSE:PLTR   PALANTIR TECH INC
Hi ya all,

Yesterday i posted about 1 possible Mega Wedge , today i realized i may have made a mistake and that the wedge i posted yesterday could be completely wrong.
Yesterday's Mega Wedge is based on the trendlines drawn from the Jan 26 PLTR spike and this is likely very very WRONG. Why? Because i just realized that the reason why PLTR spiked on the ~26'th of January was only due to Gamestop. Hear me out before you click off...

Gamestop rallied insanely during the 26'th-28'th of January. This has a big effect on the Russel 2000 ( IWM ) ETF it's part of. PLTR whilst not truly part of any index as said by themselves in their own prospectus ACTUALLY does track the Russel 2000 ( IWM ) quite perfectly. Now because Gamestop rallied insanely during those dates, it dragged up the whole index up as a whole which also dragged up PLTR as well along with it. This means that the spike that i based yesterday's technical analysis on is an anomaly, e.g i based my mega wedge based on an anomaly hence why yesterday's mega wedge is possibly WRONG.

After realizing this mistake, i went and took a second look at the PLTR chart and realized that there still IS a wedge , a symmetrical one showing endless consolidation and accumulation at the $22-$29 area. Really, if you exclude the Jan 26-28 spikes, PLTR has truly actually traded only within this range for a very long time accumulating. Lots of institutions DID drop Palantir on earnings last month with new ones picking it up e.g Kathy Woods (Who despite Rumours is continuing to buy PLTR daily and has made big buys recently proof here: https://cathiesark.com/arkw-holdings-of-... )

The symmetric wedge ends on around May the 26'th. A breakout could come before or after this date or even not at all.
My bet is that a breakout will come at the end of this wedge and that the next price target should be a big one, but this is just my own opinion based on nothing and you shouldn't listen to me. I am invested in Gamestop and PLTR and i think the only reason PLTR will do so well in the near future is only due to Gamestop's big incoming gamma to short squeeze. No one knows when it's going to happen or whether it's going to be a singular event or a slow squeeze like Tesla . If it's a big event, it's going to make the Russel 2000 ( IWM ) and PLTR go up A LOT making PLTR a big winner for momentum and volatility traders. I have an appetite for risk and volatility so i'm in...

Regardless, i have a boatload of calls for May for Palantir that i'm likely going to roll over to a later date now that i've realized that nothing might happen by the end of May other than small ups and downs e.g theta-gang-ing for PLTR . Heck, i might sell some contracts for it and theta gang this thing.

Comments

I feel like I'm on acid, looking at this chart. This is how my charts look, after my 5 yr old is done playing with the drawing tools. Come on man... People actually look at these posts to learn technical analysis. I used to be one of them. Seeing too much of this, is why I no longer do it. If it works for you, more power to you. Shouldn't make other newbs think this is the way a chart should look tho. Ps... Cathie Wood spells her name with a "C" and an "ie." Also "Wood" is singular, not plural (no s.) You spelled it wrong on the same line that you posted a link with the correct spelling of her name. Read some books or watch some youtube vids, before giving people advice. Prob best to just take this down.
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XiuNg christiandheim2
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Lol
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