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]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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