UnitedHealth Group Inc.(UNH) Elliott Wave technical analysis [Video]

UNH Elliott Wave Analysis Trading Lounge Daily Chart, 29 February 24.

UnitedHealth Group Inc., (UNH) Daily Chart.

UNH Elliott Wave Technical Analysis

Function: Counter Trend.

Mode: Corrective.

Structure: Triangle.

Position: Wave (C) of 4.

Direction: Sideways continuation in the triangle.  

Details: We have been correcting ever since the end of 2022, and at this point we seem to be “dancing” around Trading Level 5 at 500$. In this daily chart we entertain the possibility of a triangle in wave 4, meaning we could see sideways continuation until the triangle resolves.

UNH Elliott Wave technical analysis – Daily chart

In terms of wave dynamics, we identify a counter trend function with a corrective structure, particularly a triangle pattern. The current position is in Wave (C) of 4, indicating sideways continuation within the triangle. Since the end of 2022, we've been in a correction phase, and currently, we're hovering around Trading Level 5 at $500. The daily chart presents the possibility of a triangle formation in wave 4, suggesting sideways movement until the triangle resolves.

UNH Elliott Wave Analysis Trading Lounge 4Hr Chart, 29 February 24.

UnitedHealth Group Inc., (UNH) 4Hr Chart.

UNH Elliott Wave technical analysis

Function: Counter Trend.

Mode: Corrective.

Structure: Complex.

Position: Wave B of (Y).

Direction: Upside in wave C of (Y).

DETAILS: Here we entertain the possibility of a complex correction in Primary wave 4, where we could be near the end, as we have found support on 0.618 (Y) vs. (W). We could either continue higher in wave {c} of B to then continue lower towards equality of (Y) vs. (W) at 443, or else we could already have a bottom in place.  

Welcome to our UNH Elliott Wave Analysis Trading Lounge, your go-to resource for in-depth insights into UnitedHealth Group Inc. (UNH) using Elliott Wave Technical Analysis. As of the Daily Chart on 29th February 2024, we delve into significant trends driving the market.

UNH Elliott Wave technical analysis – Four hour chart

Here, we explore a counter trend mode with a corrective and complex structure, potentially indicating Wave B of (Y). The direction is upside in wave C of (Y). We consider the prospect of a complex correction in Primary wave 4, nearing its end, with support identified at 0.618 (Y) versus (W). We anticipate either further upside in wave {c} of B followed by a downturn towards equality of (Y) versus (W) at $443 or a potential bottom already in place.

Technical Analyst: Alessio Barretta.

UNH Elliott Wave technical analysis [Video]