Suncorp Group Limited Elliott Wave technical forecast [Video]

ASX: SUN Elliott Wave technical analysis

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with SCENTRE GROUP – SCG. We see ASX:SUN continuing to push higher with wave (iii)-orange of wave ((v))-navy.

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

Function: Major trend (Minuette degree, purple).

Mode: Motive.

Structure: Impulse.

Position: Wave (iii)-orange of Wave ((v))-navy.

Details: Wave ((v))-navy is extended, and is subdividing into wave (i)-orange to wave (iii)-orange. Wave (iii)-orange continues to rise higher, aiming at the target around 21.00 - 23.00.

Invalidation point: 18.65.

SUN four-hour chart analysis

Function: Major trend (Minute degree, navy).

Mode: Motive.

Structure: Impulse.

Position: Wave (iii)-orange of Wave ((v))-navy.

Details: Since the low at 17.60, wave (iii)-orange is unfolding to push higher, it could be aiming at the nearest target at 20.24, once this level is penetrated, it will continue to push higher, towards the next level at 21.89. While price must remain above 18.65 to maintain this view, as the fourth wave cannot overlap into the territory of the first wave.

Invalidation point: 18.65.

Conclusion

Our analysis, forecast of contextual trends, and short-term outlook for ASX: SUNCORP GROUP LIMITED – SUN 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.

Suncorp Group Limited Elliott Wave technical forecast [Video]