Santos Limited Elliott Wave technical forecast [Video]
|STO Elliott Wave technical analysis (one-day chart)
Function: Major Trend (Minor Degree, Gray).
Mode: Motive.
Structure: Impulse.
Position: Wave ((3)) - Navy.
Details:
-
Wave ((2)) - Navy has possibly completed, and wave ((3)) - Navy is now pushing higher.
-
This is an extended wave, and a pullback with wave 2 - Gray might be necessary before the trend resumes upward.
-
Quality long trade setups may emerge once the price surpasses the wave 1 - Gray endpoint, which is also the key point for trend confirmation.
Invalidation Point: 6.29.
Key point: End of Wave 1 - Gray.
STO Elliott Wave technical analysis (four-hour chart)
Function: Major Trend (Minor Degree, Gray).
Mode: Motive.
Structure: Impulse.
Position: Wave (ii) - Orange of Wave ((iii)) - Navy.
Details:
-
Wave 1 - Gray has completed as a five-wave structure, and wave 2 - Gray appears to be developing as a zigzag correction, potentially pushing prices slightly lower.
-
The ideal target for correction is around 6.66 before price moves back up.
-
If price surpasses the end of wave 1, it would confirm a bullish trend resumption.
Invalidation point: 6.29.
Key point: End of Wave 1 - Gray.
Conclusion
Our Elliott Wave analysis and forecast for SANTOS LIMITED - STO provide insights into the current market trend and trading opportunities. By highlighting key price points, we identify validation and invalidation signals, enhancing confidence in our market perspective. This structured approach helps traders make well-informed decisions.
Santos Limited Elliott Wave technical forecast [Video]
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.