Santos Limited Elliott Wave technical forecast [Video]

ASX: SANTOS LIMITED - STO Elliott 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 the STO may have completed wave ((ii))-navy at the low at 7.35, which also allows wave ((iii))-navy to be opened to push higher.

ASX: STO Elliott Wave technical analysis  

Function: Major trend (Minor degree, grey).

Mode: Motive.

Structure: Impulse.

Position: Wave ((iii))-navy of Wave 3-grey.

Details: The short-term outlook suggests that wave ((iii))-navy is perhaps opening up to push higher, a rise above 7.86 would clarify this view.

Invalidation point: 7.35.

Confirmation point: 7.86.

ASX: STO four-hour chart analysis

Function: Major trend (Minuette degree, orange).

Mode: Motive.

Structure: Impulse.

Position: Wave (iii)-orange of Wave ((iii))-navy of Wave 3-grey.

Details: The shorter-term outlook shows that wave ((ii))-navy seems to have just ended and wave ((iii))-navy is opening to push higher. Currently the price action is breaking down into waves (i),(ii)-orange and they have ended, wave (iii)-orange may be returning to push higher. However, pushing higher than 7.85 will further clarify this outlook.

Invalidation point: 7.35.

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 the confidence in our perspective. By combining these factors, we strive to offer readers the most objective and professional perspective on market trends.

Santos Limited Elliott Wave technical forecast [Video]