Unlocking ASX Trading Success: SONIC HEALTHCARE LIMITED – SHL Stock Analysis & Elliott Wave Technical Forecast

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ASX: SONIC HEALTHCARE LIMITED – SHL Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) SONIC HEALTHCARE LIMITED – SHL. We see SHL could be preparing to push higher with wave 3-grey.

ASX: SONIC HEALTHCARE LIMITED – SHL 1D Chart (Semilog Scale) Analysis

Function: Major trend (Minor degree, grey)

Mode: Motive

Structure: Impulse

Position: Wave ((c))-navy of Wave 2-grey

Details: Wave 1-grey has just finished as a Diagonal, and wave 2-grey is unfolding as a Zigzag. Wave ((c))-navy looks to be completing, and then wave 3-grey could return to push higher, aiming at the nearest target around 30.00.

Invalidation point: 23.58

 

ASX: SONIC HEALTHCARE LIMITED – SHL 4-Hour Chart Analysis

Function: Major trend (Minor degree, grey)

Mode: Motive 

Structure: Impulse

Position: Wave ((c))-navy of Wave 2-grey

Details: Wave 2-grey is unfolding to push lower as a zigzag, wave ((a))-navy has completed the five-waves, wave ((b))-navy has done the same, and wave ((c))-navy looks set to push a little lower to complete the entire wave 2-grey. A push above 26.81 would indicate that wave 2-grey has ended, and wave 3-grey is unfolding to push higher.

Confirmation point: 26.81

Invalidation point: 23.58

Conclusion:

Our analysis, forecast of contextual trends, and short-term outlook for ASX: SONIC HEALTHCARE LIMITED – SHL 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).