FTNT Elliott Wave Analysis Trading Lounge.
Fortinet Inc., (FTNT) Daily Chart.
FTNT Elliott Wave technical analysis
Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Wave (3).
Direction: Upside within wave 5 of (5).
Details: We are looking for a bottom in wave 4 as we have approached TradingLevel1 a 100$.
Fortinet Inc., (FTNT) 1H Chart.
FTNT Elliott Wave technical analysis
Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Wave {c} of 4.
Direction: Bottom in wave {c}.
Details: Looking for one more leg lower into wave 4 to then turn higher. Equality of {c} vs. {a} stands at 89$ while another feasible target is at 93$ which is 0.618 {c} vs. {a}.
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
Fortinet (FTNT) appears to be in wave 5 of (5). Currently, it is finding support as it approaches TradingLevel1 at $100, which coincides with the expected completion of wave 4. Once wave 4 forms a bottom, the analysis suggests further upside potential as wave 5 unfolds.
FTNT Elliott Wave technical analysis – One-hour chart
On the 1-hour chart, FTNT is in the final stages of wave {c} of 4, which could complete the wave 4 correction. The next leg lower is anticipated to end around $89 (equality of {c} vs. {a}) or $93, which corresponds to the 0.618 Fibonacci retracement of {c} vs. {a}. After this, we expect a turn higher, marking the beginning of wave 5.
Technical analyst: Alessio Barretta.
