Palantir Update - New ticker coverage

21 oct

The last post I made covering PLTR I showed the 4hr chart with my long-term projections. This chart I wanted to zoom in a little showing the more immediate pathway in front of us. Per my usual I have two different counts on the chart. These two counts, however, have the same end point. The difference is the pathway price will take to get there.

The white count suggests that our wave 2 abc pattern was irregular, and we're now within the wave iv of 3 of (3). This should take us to the small target box from $40.25-$37.88. Afterwards the upward trend should resume bringing us to the larger target box finishing wave 3 of (3).

The ALT implies that the wave (i) was abnormal. If you follow that pattern, it suggests the wave (iv) price is currently in, will be a little deeper. We shall find out soon enough but for now the white count is my primary thesis.

I do want to note that the wave (iv) could already be over with price headed up to the larger target box from here. If we can make it to the smaller target box I will enter into a position with a stop in place. If not, I will wait until we retrace for wave 4 of (3) to enter into any positions.