Details: Looking for a potential {i}-{ii} completed within wave 5 as I can identify five waves within {i}. We now need tested support on top of 600$.

This Elliott Wave analysis for United Health Group Inc., (UNH) examines both the daily and 1-hour charts to assess its current market trend, utilizing Elliott Wave Theory to anticipate potential future movements.

UNH Elliott Wave technical analysis – Daily chart

On the daily chart, United Health Group (UNH) is completing or has nearly completed wave 4, suggesting that the next upward move in Minor wave 5 is approaching. This upward movement is expected to target the MediumLevel at $650. The correction in wave 4 appears to be finishing, and once confirmed, the continuation of the uptrend towards higher levels can be anticipated.

UNH Elliott Wave technical analysis – One-hour chart

On the 1-hour chart, UNH seems to have completed a five-wave move in wave {i} of Minor wave 5. Currently, wave {ii} might be in progress, and once a solid support level above $600 is established, the stock should resume its upward movement into wave {iii}. Testing this support zone will be crucial for confirming the next leg higher.

Technical analyst: Alessio Barretta.

UNH Elliott Wave technical analysis [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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UNH Elliott Wave technical analysis