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Sonic Healthcare Limited Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

ASX: SHL Elliott Wave technical analysis

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) SONIC HEALTHCARE LIMITED – SHL. We expect ASX:SHL to move much higher with wave 3-grey.

ASX: SHL one-day chart (semilog scale) analysis

Function: Major trend (Minuette degree, orange).

Mode: Motive.

Structure: Impulse.

Position: Wave 3-grey.

Details: Wave 3-grey may be unfolding to push higher, towards the next target around 30.00, after penetrating this level it will continue to move up to the next target at 34.67.

Invalidation point: 25.61.

ASX: SHL four-hour chart analysis

Function: Major trend (Minor degree, grey).

Mode: Motive.

Structure: Impulse.

Position: Wave 3-grey.

Details: Wave 2-grey has ended as a Double Zigzag at the 25.61 low and wave 3-grey is pushing higher. I expect ASX:SHL to move much higher with wave 3-grey.

Invalidation point: 25.61.

Conclusion

Our analysis, forecast of contextual trends, and short-term outlook for ASX: SONIC HEALTHCARE LIMITED – SHL 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.

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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