CrowdStrike Holdings Inc (CRWD) from the perspective of the Elliott wave theory favors the upside to continue. However, the stock is currently undergoing a corrective phase. The blog post will discuss two scenarios by which the corrective phase could finish before the prevailing bullish trend resumes.
From the low of March 2020, when CRWD was trading at $32.6, prices surged in a 9-swing structure, reaching a high of $566 in November 2025. This indicates an impulse wave from the long-term low. However, the impulse wave cycle from March 2020 is not yet complete. Considering the cycle degree, wave I ended in November 2021 at $298, as shown in the weekly chart below. A pullback for wave II followed, reaching $92.2, thus ending the first significant bearish cycle in January 2023. From the low in January 2023, wave III began. Third waves in an impulse cycle are always impulse structures. Therefore, wave III is likely in a multiple nest, suggesting an extended wave III that is likely to reach and exceed 2.618 x Wave I from Wave II.
CRWD Weekly Elliott Wave Chart – 13th April, 2026
From the weekly chart above, the price continued to evolve in a sequence of higher highs and higher lows. Waves ((1)) and ((2)) of III ended in March 2024 and August 2024 with an impulse and a flat structure, respectively. Wave ((3)) started from the August 2024 low, with a projected target of $936 – 1.618x wave ((1)) from ((2)). The stock reached its peak of $566 in November 2025, completing a diagonal structure for wave (1) of ((3)). A pullback followed for wave (2) of ((3)), with the technical invalidation level at the low of wave ((2)).
Looking ahead, two scenarios are possible. First, wave (2) could extend further in a double correction, with the current bounce from the February 2026 low developing as wave X of (2) after completing wave W at the same low. Therefore, if the pullback deepens, traders should consider buying at the extreme, aiming for profits exceeding the $700s and $800s. Alternatively, wave (2) may have already concluded at the March 2026 low within the $359-$280 extreme buying zone. Traders who have already gone long can hold their position, adjusting their stop-loss to $342. Going forward, if the recovery from $342 is impulsive, rising above $487 and towards the $566 high, there could be another opportunity to buy the dip. Selling against the bullish trend at the extreme of the pullback is not advised.
Source: https://elliottwave-forecast.com/stock-market/crwd-elliott-wave-analysis-showing-nest/