ASX: SUNCORP GROUP LIMITED – SUN Elliott Wave Technical Analysis (TradingLounge 1D Chart)
Greetings,
This Elliott Wave update reviews Suncorp Group Limited (ASX: SUN). The current market behavior shows the stock trading lower, forming a Zigzag correction identified as a))b))c)) – navy. As per this Elliott Wave setup, the outlook remains bearish for now.
ASX: SUNCORP GROUP LIMITED – SUN – 1D Chart (Semilog Scale) Analysis
Function: Major Trend (Minor Degree – grey)
Mode: Motive
Structure: Impulse
Position: Wave c) – orange of Wave b)) – navy of Wave 4 – grey
Details:
Wave 3 – grey completed a clean five-wave structure, peaking at 25.260. Since then, Wave 4 – grey has been progressing downward in a Zigzag pattern (a))b))c)) – navy).
Wave a)) – navy unfolded as a five-wave decline.
Wave b)) – navy is currently advancing in a Flat structure, labeled a)b)c) – orange.
The next anticipated move is the downward continuation of Wave c)) – navy.
Invalidation Point: 25.260
ASX: SUNCORP GROUP LIMITED – SUN Elliott Wave Technical Analysis (TradingLounge 4-Hour Chart)
Function: Major Trend (Minute Degree – navy)
Mode: Motive
Structure: Impulse
Position: Wave c) – orange of Wave b)) – navy
Details:
Within Wave b)) – navy, a Flat correction pattern has taken shape.
Waves a) – orange and b) – orange have concluded.
Currently, Wave c) – orange appears to be climbing, targeting near 21.390 to complete the Flat structure.
Following this, Wave c)) – navy is expected to resume the downtrend.
Invalidation Point: 17.620
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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Conclusion
This technical forecast for ASX: SUN delivers a structured view of market movement through Elliott Wave methodology. By outlining invalidation levels and labeling wave structures clearly, this ASX: Suncorp Group Elliott Wave analysis supports informed trading decisions based on objective technical criteria.