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Salesforce Inc. (CRM) Stocks Elliott Wave Technical Analysis


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CRM Elliott Wave Analysis Trading Lounge Daily Chart,
Salesforce Inc., (CRM) Daily Chart
CRM Elliott Wave Technical Analysis
 
FUNCTION: Counter Trend
MODE: Corrective
STRUCTURE: Flat
POSITION:  Intermediate wave (4)
DIRECTION: Bottom in wave (4).
DETAILS: We are reacting off TL3 at 300$, in what we labelled as wave (3) of Primary 1. We experienced a long term correction in wave IV which appears to be complete, and we are now looking for continuation higher.
 
Stocks24.thumb.png.04ea6f7a135fdbd6d92088b0e4c78539.png
 
 
CRM Elliott Wave Analysis Trading Lounge 4Hr Chart,
Salesforce Inc., (CRM) 4H Chart
CRM Elliott Wave Technical Analysis
 
FUNCTION: Counter Trend
MODE: Corrective
STRUCTURE: Flat
POSITION: Wave C of (4).  
DIRECTION: Bottom in wave C.
DETAILS: We seem to have a three wave move so far in wave (4), with a sideways wave B which because of its characteristics it gives us additional confidence we could be in a corrective structure.
 
Stocks24(1).thumb.png.b9478044fa72248caa2a102e02b9cef8.png
 
 
Here's the latest on Salesforce Inc. (CRM) from our Elliott Wave Analysis Trading Lounge, examining both the daily and 4-hour chart.
 
* CRM Elliott Wave Technical Analysis – Daily Chart*
Salesforce is currently exhibiting behavior typical of a counter trend phase with a corrective mode and flat structure, positioned in Intermediate wave (4). The direction is indicating a potential bottom in wave (4). We've observed a reaction off the key level, TL3 at $300, which we have identified as wave (3) of Primary 1. Following a prolonged correction in wave IV, which now appears complete, the outlook suggests a potential continuation higher.
* CRM Elliott Wave Technical Analysis – 4hr Chart*
The 4-hour chart further supports the daily findings but focuses on the specifics of the ongoing correction in Wave C of (4). This phase is also characterized as counter trend, corrective, and flat. The chart shows a three-wave structure for wave (4), with a sideways wave B. The nature of wave B provides additional confidence that we are indeed in a corrective structure, setting up expectations for a bottom in wave C.
 
Technical Analyst Alessio Barretta
Source : Tradinglounge.com get trial here!
 
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