Splunk Inc ticker symbol: SPLK engages in the development and marketing of cloud software solutions. Its products include Splunk cloud, Splunk light, and Splunk enterprise. It also offers solutions for Information Technology operations, security, internet-of-things, application analytics, business analytics, and industries. The company was founded by Erik M. Swan, Michael J. Baum, and Robin K. Das in October 2003 and is headquartered in San Francisco, CA. We will take a look at the Elliott wave view below:
SPLK Weekly Elliott Wave Chart
Above is the Weekly time frame Elliott wave chart of SPLK. In which, the stock is correcting the cycle from all-time lows. So far the decline from the 02 September 2021 peak is unfolding as an Elliott wave double three structure where the first leg ended in the wave (w) at $110.28 low. Up from there, a bounce to $176.55 high-ended wave (x) and made the (y) leg lower. Now, as far as it remains below $176.55 high expect the stock to extend lower towards the $60.93- $33.53 blue box area. From there, buyers are expected to appear looking for wave ((III)) higher or should do a big 3 wave bounce at least.
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