Palantir Is Challenging The B Wave Count
I haven’t dived into Palantir PLTR 3.31%↑ in some time, but I continue to track it in the background. It hasn’t been top of mind because it has been working through a corrective move, one I don’t expect to be over just yet. However, the current structure off the lows is pushing past the first target area for the B wave. But it’s now right in the middle of the next target zone.
For me to turn exceedingly bullish on Palantir, I need to see five waves up to confirm this correction is over. Currently, however, there are only three waves up, and it’s still below the 78.6% retrace of the A wave ($180). For me to see five waves up, it requires heading to between $181-$189, pulling back in three waves and staying above the $154 area, and then making a fifth wave higher to $201. This is the yellow count in the chart below.
The difference around the $180 area will be what the pullback structure is. Three down makes yellow more probable, while five down puts it squarely in the green count with wave (C) down into the $80s and $90s.
Yellow would complete the first wave of this next move higher, and I’d expect a three-wave pullback toward $140-$150 before I’d be looking to see it run well into the $200s.