Fortinet Inc.(FTNT:NASDAQ) Elliott Wave Technical Analysis November 21 2022

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Fortinet Inc., Elliott Wave Technical Analysis

Fortinet Inc.,(FTNT:NASDAQ): Daily Chart, November 21 2022, 

FTNT Stock Market Analysis: We have had a sharp move up off the lows which could represent the end of the correction in wave (4). At this point we’ll be looking for further downside.

FTNT Elliott Wave Count: Wave {i} of 1.

FTNT Technical Indicators:200EMA acting as resistance, we are also facing resistance as west and near the highest volume of the entire correction.

FTNT Trading Strategy:Looking for confirmation with a break of the bearish structure.

TradingLounge Analyst: Alessio Barretta

 

 

 

 

Fortinet Inc., FTNT: 4-hour Chart, November 21 2022

Fortinet Inc., Elliott Wave Technical Analysis

FTNT Stock Market Analysis: We are looking at a three wave down off wave {i} so far as wecould retrace deeper.

FTNT Elliott Wave count: Wave (c) of {ii}.

FTNT Technical Indicators: It dropped below all averages and reacted off the 38.2% retracement.

FTNT Trading Strategy:Looking for a resumption of the uptrend in wave (i) of {iii} to then start looking for longs.