FTNT Elliott Wave Analysis Trading Lounge Daily Chart,
Fortinet Inc., (FTNT) Daily Chart.
FTNT Elliott Wave technical analysis
Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Wave 3.
Direction: Upside in wave 3.
Looking for a bottom in place in Minor wave 2 as we are moving higher in what should be minor wave 3 of (3), which should then provide us with a steep angle of ascent.
FTNT Elliott Wave Analysis Trading Lounge 1H Chart,
Fortinet Inc., (FTNT) 1H Chart
FTNT Elliott Wave technical analysis
Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Wave {i} of 3.
Direction: Upside in wave (v) of {i}.
Details: Looking for upside within wave (v) as we seem to be in a triangle in wave (iv).
In this Elliott Wave analysis, we will review the trend structure of Fortinet Inc. (FTNT) using both the daily and 1-hour charts to assess the current wave position and potential price movements.
FTNT Elliott Wave technical analysis – Daily chart
On the daily chart, Fortinet Inc. is progressing through Wave 3 of an impulsive motive structure. After completing a corrective Minor Wave 2, the stock is showing signs of moving higher within Minor Wave 3 of (3). This phase typically corresponds with stronger price action and a steeper ascent, reflecting increased bullish momentum.
The resumption of the uptrend in Wave 3 should provide significant upside, and traders should be alert for confirmation as the stock moves higher, likely generating strong momentum with minimal retracements in this impulsive phase.
FTNT Elliott Wave technical analysis – Hour-one chart
On the 1-hour chart, Fortinet appears to be progressing within Wave {i} of 3, and more specifically within Wave (v) of {i}. The wave structure suggests that the stock is currently forming a triangle in Wave (iv), indicating a consolidation before a final push higher in Wave (v) to complete Wave {i}.
This consolidation phase (triangle) typically signals that a breakout is imminent, and once Wave (v) completes, traders can anticipate a small corrective move before resuming higher in Wave 3.
Technical analyst: Alessio Barretta.
FTNT Elliott Wave technical analysis [Video]
Source: https://www.fxstreet.com/news/ftnt-elliott-wave-technical-analysis-video-202410011124