ASX: SUNCORP GROUP LIMITED – SUN Elliott Elliott Wave Technical Analysis TradingLounge

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with SUNCORP GROUP LIMITED – SUN. We see ASX:SUN continuing to push higher with wave (iii)-orange of wave ((v))-navy.

ASX: SUNCORP GROUP LIMITED – SUN 1D Chart (Semilog Scale) Analysis

Function: Major trend (Minuette degree, purple)

Mode: Motive

Structure: Impulse

Position: Wave (iii)-orange of Wave ((v))-navy

Details: Wave ((v))-navy is extended, and is subdividing into wave (i)-orange to wave (iii)-orange. Wave (iii)-orange continues to rise higher, aiming at the target around 21.00 - 23.00.

Invalidation point: 18.65

ASX: SUNCORP GROUP LIMITED – SUN 4-Hour Chart Analysis

Function: Major trend (Minute degree, navy)

Mode: Motive

Structure: Impulse

Position: Wave (iii)-orange of Wave ((v))-navy

Details: Since the low at 17.60, wave (iii)-orange is unfolding to push higher, it could be aiming at the nearest target at 20.24, once this level is penetrated, it will continue to push higher, towards the next level at 21.89. While price must remain above 18.65 to maintain this view, as the fourth wave cannot overlap into the territory of the first wave.

Invalidation point: 18.65

Conclusion:

Our analysis, forecast of contextual trends, and short-term outlook for ASX: SUNCORP GROUP LIMITED – SUN 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).

More By This Author:

Unlocking ASX Trading Success: Rea Group Ltd - Tuesday, Nov. 19
Elliott Wave Technical Analysis - WTI Crude Oil Commodity
Elliott Wave Technical Analysis: The Walt Disney Co. - Tuesday, Nov. 19