ASX: SONIC HEALTHCARE LIMITED – SHL Elliott Wave Technical Analysis

Introduction

Our latest Elliott Wave analysis provides an updated outlook on SONIC HEALTHCARE LIMITED (ASX: SHL), highlighting potential bullish momentum. This report focuses on key price levels that could either confirm an uptrend or invalidate the current wave structure, influencing the stock’s future price action.

ASX: SONIC HEALTHCARE LIMITED – SHL Elliott Wave Technical Analysis (1D Chart – Semilog Scale)

Market Overview

Function: Major trend (Minuette degree, orange)

Mode: Motive

Structure: Impulse

Position: Wave ((ii)) - navy of Wave 3 - grey

Analysis & Key Price Levels

• Wave ((ii)) - navy is in a downward movement, with a target range of 26.99 - 26.38.
• A break above 29.35 will indicate the formation of Wave ((iii)) - navy, confirming a bullish breakout.
• The invalidating level remains at 25.61, meaning any move below this point would disrupt the current Elliott Wave count.
• Confirmation level: 29.35, signaling potential upside momentum.

ASX: SONIC HEALTHCARE LIMITED – SHL Elliott Wave Technical Analysis (4-Hour Chart Analysis)

Detailed Market Insight

Function: Major trend (Minor degree, grey)

Mode: Motive

Structure: Impulse

Position: Wave (c) - orange of Wave ((ii)) - navy

Technical Outlook

• Wave ((ii)) - navy appears to be forming a Flat correction or a similar corrective structure, suggesting a possible further downside before a reversal.
• The corrective phase in Wave ((ii)) is likely not yet complete, and another lower wave leg may occur before an uptrend resumes.
• Once Wave ((ii)) is finalized, Wave ((iii)) is expected to trigger a strong rally, propelling the stock significantly higher from the 25.61 low.
• Key resistance: 29.35, a breakout above this level would confirm the next bullish leg.

Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).

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See Previous: Northern Star Resources Ltd (NST) Elliott Wave Technical Analysis

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Conclusion

Our Elliott Wave analysis on ASX: SONIC HEALTHCARE LIMITED (SHL) provides traders and investors with a structured roadmap for potential price movements.

By pinpointing validation and invalidation levels, we enhance market confidence, ensuring an objective trading approach. This technical outlook helps traders optimize their entry and exit strategies, leveraging Elliott Wave projections for informed decision-making in the stock market.