Elliott Wave Technical Analysis: Sonic Healthcare Limited -

Elliott Wave Technical Analysis: Sonic Healthcare Limited

Feb 04, 2025Jeremy ParkinsonFinance0

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: SONIC HEALTHCARE LIMITED – SHL 1D 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: SONIC HEALTHCARE LIMITED – SHL 4-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

ConclusionOur 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.Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation)More By This Author:Elliott Wave Technical Analysis: Australian Dollar/Japanese Yen – Monday, Feb. 3
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