ASX: SUNCORP GROUP LIMITED – SUN Elliott Wave Analysis | TradingLounge
Greetings, today’s Elliott Wave analysis focuses on the Australian Stock Exchange (ASX) and updates insights for SUNCORP GROUP LIMITED (ASX). Our analysis indicates that ASX continues its upward trajectory in wave (iii)-orange of wave ((v))-navy.
ASX: SUNCORP GROUP LIMITED – SUN 1D Chart (Semilog Scale) Analysis
SUN Elliott Wave Technical Analysis
Function: Major trend (Minuette degree, purple)
Mode: Motive
Structure: Impulse
Position: Wave (iii)-orange of Wave ((v))-navy
Details: Wave ((v))-navy is extended, subdividing into wave (i)-orange through wave (iii)-orange.
Wave (iii)-orange is advancing and is projected to reach a target zone of 21.00 - 23.00.
Invalidation point: 18.65
ASX: SUNCORP GROUP LIMITED – SUN 4-Hour Chart Analysis
Function: Major trend (Minute degree, navy)
Mode: Motive
Structure: Impulse
Position: Wave (iii)-orange of Wave ((v))-navy
Details:
- Since hitting a low of 17.60, wave (iii)-orange has been unfolding to push higher.
- It targets 20.24 as the nearest resistance level; upon surpassing this, it is expected to climb further toward 21.89.
- The view remains valid only if the price stays above 18.65, as the fourth wave cannot retrace into the first wave’s territory.
Invalidation point: 18.65
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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Conclusion
Our Elliott Wave analysis for ASX: SUNCORP GROUP LIMITED – SUN offers a detailed perspective on current market trends. With precise price levels acting as validation or invalidation signals for the wave structure, traders can leverage this information to make informed decisions. The ongoing wave (iii)-orange highlights a strong bullish trend, presenting actionable opportunities for market participants aiming to capitalize on the upward momentum.