ASX: SANTOS LIMITED – STO Elliott Wave Technical Analysis TradingLounge (1D Chart)

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with SANTOS LIMITED - STO. We see that STO is likely to continue pushing lower in the short term.

ASX: SANTOS LIMITED - STO Elliott Wave Technical Analysis

ASX: SANTOS LIMITED - STO 1D Chart (Semilog Scale) Analysis

Function: Major trend (Minor degree, gray)

Mode: Motive

Structure: Impulse

Position: Wave ((y))-navy of Wave 2-grey

Details: Wave count is adjusted to increase probability. Wave 2-grey is still extending longer than expected, developing as a Double Three, and wave ((y))-navy is nearing completion as a Flat, expected to continue pushing down to 7.35-7.20.

Invalidation point: 6.57

ASX: SANTOS LIMITED - STO Elliott Wave Technical Analysis TradingLounge (4-Hour Chart)

ASX: SANTOS LIMITED - STO Elliott Wave Technical Analysis

ASX: SANTOS LIMITED - STO 4-Hour Chart Analysis

Function: Major trend (Minute degree, navy)

Mode: Corrective

Structure: Double three

Position: Wave iii-grey of Wave (c)-orange of Wave ((y))-navy of Wave 2-grey

Details: Wave ((y))-navy is progressing lower, nearly completing the Flat pattern. Wave (c)-orange will push lower in a five-wave pattern. Wave iii-grey is almost finished, and wave iv-grey will push slightly higher before wave v-grey continues to complete the pattern.

Invalidation point: 8.18

Conclusion:

Our analysis, forecast of contextual trends, and short-term outlook for ASX: SANTOS LIMITED - STO aim to provide readers with insights into the current market trends and how to capitalize on them effectively. We offer specific price points that act as validation or invalidation signals for our wave count, enhancing confidence in our perspective. By combining these factors, we strive to offer readers the most objective and professional market trend analysis.

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

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