ASX: SONIC HEALTHCARE LIMITED – SHL Elliott Wave Technical Analysis
Greetings,
Today's Elliott Wave analysis delivers an updated market outlook for ASX: SONIC HEALTHCARE LIMITED (SHL) on the Australian Stock Exchange (ASX).
We identify a potential third wave of upward momentum in ASX: SHL. This report highlights key price levels, potential trend shifts, and invalidation points, helping traders navigate the current Elliott Wave setup.
ASX: SONIC HEALTHCARE LIMITED – SHL 1D Chart (Semilog Scale) Analysis
Function: Major Trend (Minuette Degree, Orange)
Mode: Motive
Structure: Impulse
Position: Wave ((ii)) - navy of Wave 3 - grey
Technical Outlook:
Wave ((ii)) - navy is currently declining, targeting 26.99 - 26.38.
A breakout above 29.35 confirms the initiation of Wave ((iii)) - navy, aligning with the Alternative Wave Count (ALT WAVE COUNT).
If the bullish structure holds, upside potential remains strong.
Invalidation point: 25.61
Confirmation point: 29.35
ASX: SONIC HEALTHCARE LIMITED – SHL 4-Hour Chart Analysis
Function: Major Trend (Minor Degree, Grey)
Mode: Motive
Structure: Impulse
Position: Wave (c) - orange of Wave ((ii)) - navy
Technical Insights:
A Flat correction or similar structure appears to be forming in Wave ((ii)) - navy.
There may still be one final downward leg before the correction concludes.
Upon completion, Wave ((iii)) should initiate a bullish movement, likely from around 25.61.
Invalidation point: 25.61
Key Price Level: 29.35
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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Conclusion
This Elliott Wave analysis of ASX: SONIC HEALTHCARE LIMITED (SHL) provides traders with key price action insights, trend validation levels, and potential trade setups.
By identifying confirmation and invalidation points, we aim to increase confidence in our Elliott Wave count and help traders make informed decisions. Our approach remains clear, objective, and professional, ensuring accuracy in market trend assessments.