The Long Investor

$PLTR TOP 20

Added 2023-05-21 16:57:53 +0000 UTC

$PLTR has had a 58% gain since its earnings, 12 days ago. There has been some powerful moves here and parabolic moves too, two gaps have been left behind as well, between $7.85 and $8.65, also either side of our blue line at $10.33.

It's important to note that although gaps get filled 90% of the time, there is no requirement to fill gaps and there is no time constraint on when they are filled either, it could happen 1, 2, 3 years etc down the line.

I have added in the subwaves of this Wave 3 here, likely this move we are in now is Subwave 3 of Wave 3 as it is so aggressive.

My Wave C limit is at the 1.27 Fib level and it is important to acknowledge this because the move has been parabolic, on what was a basic earnings beat and all analysts have set price targets which are slightly below where the target price is now, FWD PE is 46 too.

I have added a long term $PLTR chart here before and although the projection is certainly higher, it is a slow mover over the next 5 years.

MACD is showing that this is very extended now and the RSI is at 80.

So What Now?

Staying above $10.33 is still bullish for me, the $12.85 Wave C needs to be watched closely to for a rejection too, if this loses $10.33, it may come down to gap fill....and I don't believe this will be a bad outcome once it keeps its impulse structure.

Otherwise, if the strength remains, it will continue to the upside along the green impulse wave as shown.