Palantir Technologies: The End of the Correction Is Near

Since our last analysis,Open an account and get without deposit Palantir Technologies (NYSE:PLTR) tumbled another -27%, and an end of the decline seems to be nowhere in sight. Our calculations, however, proved to be very precise in the last months.

Since Cathy Wood decided to sell all shares of PLTR, it became hushed around Palantir; by now, most investors should be deeply in the red. There was hardly any positive article in the newspapers in the last weeks. This is another sign that this painful correction cycle will be over soon.

Investors who do not become paralyzed by fear and continue to show consistency in their strategy always benefit the most.

Palantir 4-h chart.

Technical View

Our last article expected a significant recovery in the major red wave 4. However, this recovery came to a surprisingly early end after a recovery of a mere 22%. After this, we reached new lows, and a final downward impulse dominated the current structure.

A downward trend channel has emerged in the orange impulse. Wave (iii) stopped at $9.78, then recovered to $12.52 in wave (iv). PLTR stock decided to trade sideways for almost three weeks. In the end, a typical feature of such a movement has emerged, a triangle.

The price has now approached the final stages of the triangle formation, and we expect that we will exit it in this trading session or the next few days. We are now in the cyan downward impulse, which will bring us to approximately $9.11 in wave (iii). We currently estimate that the final low in Palantir will be at around $9. However, depending on the volatility, this may be pushed down further.

Our estimated final low at $9 will provide investors with very lucrative buying opportunities for long-term purchases. We want to mention again that we, as Mendenmein Capital expect the stock to reach its previous all-time high and prices of up to $80 in the next few years.

Palantir weekly chart.

As long as Palantir does not break above the critical resistance at 14.26$, a bullish reversal cannot be expected. We advise investors to observe Palantir in the coming days, as we are in the final moments of this major correction.

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