Fortinet has been moving impulsively higher in a five-wave sequence since 2016. Looking at the daily chart on the left, we can see what appears to be an extended Wave 3 that broke higher out of a parallel base channel. After topping out around $94 in October, FTNT pulled back and found support on the topside of the channel - a common support area for Wave 4 retracements.
Moving to a smaller time frame on the right, we can see an ongoing impulsive sequence in what is likely Wave 5 of larger degree Wave 3. We're using the current consolidation to establish long positions in the direction of the overall trend. Initial target is $94 with a continuation to new highs on a breakout.
Moving to a smaller time frame on the right, we can see an ongoing impulsive sequence in what is likely Wave 5 of larger degree Wave 3. We're using the current consolidation to establish long positions in the direction of the overall trend. Initial target is $94 with a continuation to new highs on a breakout.