Fortinet Inc. (FTNT) Elliott Wave technical analysis [Video]

FTNT Elliott Wave technical analysis

• Function:Trend.

• Mode:Impulsive.

• Structure:Motive.

• Position:Wave 1 of (5).

• Direction:Looking for bottom in wave 2.

• Details:Minor wave 1 appears complete with a five-wave advance. We are now watching for a bottom in wave 2. A move above TradingLevel1 at $100 would serve as a strong confirmation for the start of wave 3.

FTNT Elliott Wave technical analysis

• Function:Trend.

• Mode:Impulsive.

• Structure:Motive.

• Position:Wave {c} of 2.

• Direction:Looking for bottom in wave {c}.

• Details:A five-wave structure appears nearly complete in wave {c}. Price action is approaching the 1.618 Fibonacci extension of wave {c} vs. {a}, a typical target in zigzag corrections. A reversal here would support the end of wave 2 and suggest wave 3 is beginning.

Market summary

In this Elliott Wave review of Fortinet Inc. (FTNT), we analyze both the daily and intraday trends to assess wave structure and key levels.

• Daily chart insight:Fortinet has finished a clear five-wave rally, completing Minor wave 1 of Intermediate wave (5). The current move is corrective, forming wave 2. A break above $100 (TradingLevel1) would be a bullish signal confirming the setup for wave 3.

• One-hour chart insight:On the intraday chart, wave {c} of 2 looks near completion. Price is reaching a key Fibonacci extension, strengthening the case for a potential reversal and start of the next upward wave.

Fortinet Inc. (FTNT) Elliott Wave technical analysis [Video]