Sonic Healthcare Limited Elliott Wave technical analysis [Video]

ASX: SHL Elliott Wave technical analysis

Today's Elliott Wave analysis provides an updated outlook on the Australian Stock Exchange (ASX) stock SONIC HEALTHCARE LIMITED – SHL.

We observe a potential third wave of upside in ASX: SHL. This report highlights expected market movements, including key price levels that could confirm a bullish trend shift or invalidate the setup, affecting upside potential.

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

• Function: Major Trend (Minuette Degree, Orange).

• Mode: Motive.

• Structure: Impulse.

• Position: Wave ((ii)) - navy of Wave 3 - grey.

Details:

• Wave ((ii)) - navy is moving lower, targeting 26.99 - 26.38.

• A breakout above 29.35 would confirm the start of Wave ((iii)) - navy, as illustrated in the ALT WAVE COUNT.

• Upside potential remains strong if price action supports the bullish scenario.

• Invalidation point: 25.61

• Confirmation point: 29.35

ASX: SHL four-hour chart analysis

• Function: Major Trend (Minor Degree, Grey).

• Mode: Motive.

• Structure: Impulse.

• Position: Wave (c) - orange of Wave ((ii)) - navy.

Details:

• A closer look suggests that Wave ((ii)) - navy is likely forming a Flat correction or similar structure.

• There might still be a final downward leg before the correction completes.

• Once the corrective Wave ((ii)) finalizes, the anticipated Wave ((iii)) will trigger an upward move, likely from a low around 25.61.

• Invalidation point: 25.61.

• Key Point: 29.35.

Conclusion

Our analysis presents a structured market outlook for ASX: SONIC HEALTHCARE LIMITED – SHL, offering traders insights into key price levels and market direction.

By identifying validation and invalidation signals, we aim to increase confidence in our Elliott Wave count. Our goal is to provide a clear, objective, and professional perspective on market trends.

Sonic Healthcare Limited Elliott Wave technical analysis [Video]