Fortinet Inc (NASDAQ: FTNT) ended it’s initial bullish cycle from 2009 low after it rallied within an impulsive 5 waves advance which reached a pea at $121.8 peak on February of this year. The multinational corporation gained a total of %1330 during this 11 Years rally putting it on the list of one of the  fastest growing stocks in last decade.

FTNT saw a 40% drop this year following the broad market correction before a strong reversal taking place in March allowing the stock to return positive with +27% YTD after breaking again to new all time highs.

The recent move allowed the stock to create a new bullish sequence from IPO supporting a new impulsive 5 waves move toward 100% – 161.8% Fibonacci extension area  $194 – $270. The first leg of the new cycle reached the initial target area $147 – $165 from where wave ((1)) is expected to end this summer followed by a corrective pullback in wave ((2)) against March low $70.20 then it can resume the rally again.

Fortinet Weekly cycle remains bullish as the overall trend is intact with an impulsive structure supporting the stock into new highs and the next pullback will provide a good investment opportunity in 3 , 7 or 11 swings.

Fortinet FTNT Weekly Chart

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In this technical blog, we are going to take a look at the past performance of 1 hour Elliott Wave Charts of NASDAQ index, which we presented to members at elliottwave-forecast. In which, the rally from 22 March 2020 low unfolded as an impulse structure. Thus suggested that it’s a continuation pattern. And as per Elliott wave theory after a 3 waves pullback, it should do another extension higher in 5 waves impulse structure at least. Therefore, we advised members not to sell the instrument & trade the no enemy areas ( blue boxes) as per Elliott wave hedging remained the preferred path looking for 3 wave reaction higher at least. We will explain the structure & forecast below:

NASDAQ 1 Hour Elliott Wave Chart

NASDAQ 1 Hour Elliott Wave Chart from 5/14/2020 NY update. In which, the cycle from March 2020 low ended 5 waves impulse structure at $9345.50 high. Down from there, the index made a pullback. The internals of that pullback unfolded as Elliott wave double three structure where wave ((W)) ended at $8997.50 low. Wave ((X)) bounce ended in a lesser degree zigzag structure at $9204 high. Down from there, ((Y)) leg lower also unfolded as a zigzag structure & was expected to find buyers at $8853.05-$8637.15 blue box area. From where the buyers were expected to appear in the index looking for another 5 waves rally. Or to do a 3 wave reaction higher at least.

NASDAQ 1 Hour Elliott Wave Chart

Here’s 1 hour Elliott Wave Chart of NASDAQ from 5/19/2020 NY update, in which the index is showing reaction higher taking place from the blue box area. Allowed members to create a risk-free position shortly after taking the longs. It’s important to note that with further market data, we re-adjusted the count by downgrading the degree of labeling in 1 Hour Chart.

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Paypal (NASDAQ: PYPL) is an American online payments company that enables digital and mobile payments on behalf of consumers and merchants worldwide.

Last week, PYPL broke above February 2020 peak to hit an all-time high few days before its first-quarter results then after the earnings came out it soared again. It’s currently up 30% year-to-date and up 68% off March low.

Earlier this year, PYPL ended the rally from 2015 low at $124 as an impulsive 5 waves advance within wave (I) then it corrected that cycle lower in wave (II)) which didn’t take much as the stock dropped 33% in 1 month before buyers stepped again at $82.. Based on the Elliott Wave Theory, a 5 waves advance is followed by a corrective 3 waves pullback then the instrument would resume the main trend looking for another 5 waves to take place at least.

The break higher that took place last week, confirmed the resumption of the bullish trend and opened an incomplete sequence for the stock toward 100% – 161.8% Fibonacci extension area  $176 – $235. Consequently, Paypal is now looking to remain supported above march low $82 and buyers will be looking to join the rally. The next potential opportunity could be soon taking place in short term as the stock entered an extreme area at $140 – $154 which can provide a pullback in 3 or 7 swings which can be used to enter the market before further upside takes place.

PYPL Weekly Chart

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