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Unlocking ASX Trading Success: Ramsay Health Care Limited   – RHC Stock Analysis & Elliott Wave Technical Forecast

ASX: Ramsay Health Care Limited  – RHC Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with Ramsay Health Care Limited  - RHC. Previously in our Top 50 ASX Stocks service, we accurately forecasted a price decline with the (c)-purple wave of Wave ((ii))-green. At this point, we identify a good trading opportunity as an ABC pattern has just emerged, opening with the ((ii)) wave, and we will continue to monitor for a short while longer to await confirmation that the ((iii)) wave is indeed resuming and pushing higher.

ASX: Ramsay Health Care Limited  – RHC Elliott Wave Technical Analysis  

ASX: Ramsay Health Care Limited  – RHC 1D Chart (Semilog Scale) Analysis

Function: Major trend (Minor degree, red)
Mode: Motive
Structure: Impulse
Position: Wave ((ii))-green of Wave 3-red
Details: The short-term outlook suggests a bullish trend since the low of 46.76. Both wave 1-red and wave 2-red have concluded, and now wave 3-red is in progress. Wave ((i)) -green has reached its peak, while wave ((ii))-green is currently retracing, possibly finding support around the 52.20-51.04 range before wave ((iii))-green resumes its upward trajectory. Pushing above 56.67 would reaffirm the bullish outlook with wave ((iii))-green.
Invalidation point: 49.45

ASX: Ramsay Health Care Limited  – RHC Elliott Wave Technical Analysis TradingLounge (4-Hour Chart)

ASX: Ramsay Health Care Limited  – RHC Elliott Wave Technical Analysis

ASX: Ramsay Health Care Limited  – RHC 4-Hour Chart Analysis

Function: Major trend (Minute degree, green)

Mode: Motive

Structure: Impulse

Position: Wave iii-blue of Wave (iii)-purple of Wave ((iii))-green

Details: The short-term outlook suggests that wave ((ii))-green is currently unfolding, subdividing into waves (a)(b)(c)-purple. It appears that wave (c)-purple is nearing its completion, as I have observed a strong upward movement immediately following it, and notably, it has achieved the necessary targets within the channel. Therefore, I will closely monitor this (RHC) chart. Pushing above the 56.67 level would be the initial indication that wave ((iii))-green is underway, targeting even higher levels.

Invalidation point: 49.45

Conclusion:  

Our analysis, forecast of contextual trends, and short-term outlook for ASX: RAMSAY HEALTH CARE LIMITED – RHC 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.

Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).

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