Palantir Technologies (PLTR), Inc. is a holding company, which engages in the development of data integration and software solutions. It operates through the Commercial and Government segments. The firm offers automotive, financial compliance, legal intelligence, mergers and acquisitions solutions.
PALANTIR (PLTR) Daily Chart Alternative September 2023
Let’s remember Palantir alternative chart, where wave (II) end at 5.97 low and the market started an impulse structure as wave ((1)). The wave (1) finished at $10.31 high. The pullback as wave (2) ended at $7.17 and rallied in 5 swings completing an impulse and wave (3) at $17.17. Then, market made a little stop for a retracement and built a flat Elliott wave structure as wave (4) ended at $13.55 in June. At this point, PLTR made a last push higher as an impulse completing wave (5) at $20.27 and also ending the whole impulse from December 2022 low as wave ((1)).
PALANTIR (PLTR) Daily Chart Alternative January 2024
Down from $20.27 high, wave ((2)) correction began. The wave (A) ended at $13.68 low and we expected a bounce at least in 3 swings to complete wave (B) below $20.27 high. Hovewer, the market broke above wave ((1)) high as a double correction structure. Up from wave (A), wave W made 3 swings higher ending at $18.44. Then a pullback as wave X finished at $14.48. Last 3 swings higher ended at $21.85 completing wave Y and the double correction as wave (B). Currently, as price action stays below $21.85, we expect Palantir continues lower building an impulse structure as wave (C). This drop will complete a expanding flat correction, Elliott wave structure, as wave ((2)) before starting the rally again.