ASX: SANTOS LIMITED - STO Elliott Wave Technical Analysis TradingLounge

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with SANTOS LIMITED - STO. We see ASX:STO continuing to push lower, before actually moving higher with the ((3))-navy wave.

ASX: SANTOS LIMITED - STO 1D Chart (Semilog Scale) Analysis

Function: Major trend (Minor degree, gray)

Mode: Motive

Structure: Impulse

Position: Wave C-grey of Wave (Y)-orange of Wave ((2))-navy

Details: Wave ((2))-navy is still longer than expected, and there is still one more push lower. Then wave ((3))-navy can come back to push higher. It will target around 6.16 (Wave C-grey = Wave A-grey).

Invalidation point: 7.45

ASX: SANTOS LIMITED - STO 4-Hour Chart Analysis

Function: Counter trend (Primary degree, navy)

Mode: Corrective

Structure: Double Zigzag

Position: Wave (v)-navy of Wave C-grey of Wave (Y)-orange of Wave ((2))-navy

Details: Since the 7.45 high, the grey wave C is unfolding to push lower as a five-wave labeled from wave ((i))-navy to wave ((v))-navy. It will probably continue to push lower, targeting the 6.16 low. While price must remain below 7.01 to maintain this view. Pushing above that level is the first step to show that wave ((3))-navy is probably unfolding.

Invalidation point: 7.01

Conclusion:

Our analysis, forecast of contextual trends, and short-term outlook for ASX: SANTOS LIMITED - STO 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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