ASX: SUNCORP GROUP LIMITED – SUN

Elliott Wave Technical Analysis (TradingLounge 1D Chart)

Our Elliott Wave update today focuses on SUNCORP GROUP LIMITED (ASX: SUN). The stock is moving downward within a Zigzag pattern labeled a))b))c)) – navy. Based on this pattern, there's currently no bullish outlook.

ASX: SUNCORP GROUP LIMITED – SUN – 1D Chart (Semilog Scale) Analysis
Function: Major Trend (Minor Degree – grey)

Mode: Motive

Structure: Impulse

Position: Wave c) – orange of Wave b)) – navy of Wave 4 – grey

Details:
Wave 3 – grey completed a five-wave structure at the high of 25,260. Since then, Wave 4 – grey has been moving lower in a Zigzag pattern, labeled a))b))c)) – navy. Wave a)) – navy was a five-wave move down. Wave b)) – navy is now rising as a Flat correction, labeled a)b)c) – orange. Next, wave c)) – navy is expected to drop further.

Invalidation Point: 25.260

ASX: SUNCORP GROUP LIMITED – SUN
Elliott Wave Technical Analysis (TradingLounge 4-Hour Chart)

Function: Major Trend (Minute Degree – navy)

Mode: Motive

Structure: Impulse

Position: Wave c) – orange of Wave b)) – navy

Details:
Zooming into the b)) – navy wave pattern, we see a Flat correction. The a) – orange and b) – orange waves have completed. Now, wave c) – orange is likely moving higher, aiming near the 21,390 level to finish the pattern. After that, wave c)) – navy is expected to continue the downward move.

Invalidation Point: 17.620

Conclusion
Our technical analysis and forecast for ASX: SUNCORP GROUP LIMITED – SUN are designed to offer clear insights into the current market conditions. We highlight key price points that confirm or invalidate our Elliott Wave view, helping traders make informed decisions. By using precise wave counts and technical validation levels, we aim to present a well-grounded and expert view of market movements.

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

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