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UnitedHealth Group Inc.(UNH) Elliott Wave Technical Analysis 29 February 24


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UNH Elliott Wave Analysis Trading Lounge Daily Chart, 29 February 24

UnitedHealth Group Inc., (UNH) Daily Chart

UNH Elliott Wave Technical Analysis

FUNCTION: Counter Trend

MODE: Corrective

STRUCTURE: Triangle

POSITION: Wave (C) of 4.  

DIRECTION: Sideways continuation in the triangle.  

DETAILS: We have been correcting ever since the end of 2022, and at this point we seem to be “dancing” around Trading Level 5 at 500$. In this daily chart we entertain the possibility of a triangle in wave 4, meaning we could see sideways continuation until the triangle resolves.

 

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UNH Elliott Wave Analysis Trading Lounge 4Hr Chart, 29 February 24

UnitedHealth Group Inc., (UNH) 4Hr Chart

UNH Elliott Wave Technical Analysis

FUNCTION: Counter Trend

MODE: Corrective

STRUCTURE: Complex

POSITION: Wave B of (Y).

DIRECTION: Upside in wave C of (Y).

DETAILS: Here we entertain the possibility of a complex correction in Primary wave 4, where we could be near the end, as we have found support on 0.618 (Y) vs. (W). We could either continue higher in wave {c} of B to then continue lower towards equality of (Y) vs. (W) at 443, or else we could already have a bottom in place.  

Welcome to our UNH Elliott Wave Analysis Trading Lounge, your go-to resource for in-depth insights into UnitedHealth Group Inc. (UNH) using Elliott Wave Technical Analysis. As of the Daily Chart on 29th February 2024, we delve into significant trends driving the market.

 

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*UNH Elliott Wave Technical Analysis – Daily Chart*

In terms of wave dynamics, we identify a counter trend function with a corrective structure, particularly a triangle pattern. The current position is in Wave (C) of 4, indicating sideways continuation within the triangle. Since the end of 2022, we've been in a correction phase, and currently, we're hovering around Trading Level 5 at $500. The daily chart presents the possibility of a triangle formation in wave 4, suggesting sideways movement until the triangle resolves.

*UNH Elliott Wave Technical Analysis – 4Hr Chart*

Here, we explore a counter trend mode with a corrective and complex structure, potentially indicating Wave B of (Y). The direction is upside in wave C of (Y). We consider the prospect of a complex correction in Primary wave 4, nearing its end, with support identified at 0.618 (Y) versus (W). We anticipate either further upside in wave {c} of B followed by a downturn towards equality of (Y) versus (W) at $443 or a potential bottom already in place.

Technical Analyst : Alessio Barretta

 

 

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