SUN Elliott Wave technical forecast [Video]

SUN Elliott Wave technical analysis 

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.

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.

SUN Elliott Wave technical analysis

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.

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).

SUN Elliott Wave technical analysis [Video]