Palantir has been making big strides this year. Two consecutive quarter of GAAP profitability and finally an institutional grade purchase by Aark invest are very encouraging signs. The move from the bottom has finally invalidated the bear case today. Even though, there still hasn't been a clean 5 waves upward movement on the price action, it is looking like a leading diagonal start, potentially a wave 3 in progress at the moment. I am still on the cautious side but holding longs since $7.5 back in March with a target of $12.24 (getting pretty close to target). Watching RSI to spike up a bit more before I let go of the trade. I am not going to put any EW labels on this new uptrend just yet. I would like to see the price move higher to complete wave 3 and not break $7.1 on the retrace to wave 4; and put in another higher high to complete a 5 wave before another sharp retrace back to complete a larger degree 1-2 move. Right now I will try to catch the swings and mainly have options trades to generate the capital for a long term investment. When I see a full 1-2 swing, I will be very interested to put in some cash for very long term hold on PLTR (10 years and beyond). Eventual targets are something too crazy to mention at this time. There is no need to FOMO. This train will have a few more stops and plenty of space to get on board before it goes on express mode...
