ASX: SANTOS LIMITED – STO Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with SANTOS LIMITED – STO. We see that STO is likely to continue pushing lower in the short term.ASX: SANTOS LIMITED – STO Elliott Wave Technical Analysis ASX: SANTOS LIMITED – STO 1D Chart (Semilog Scale) AnalysisFunction: Major trend (Minor degree, gray)
Mode: Motive
Structure: Impulse
Position: Wave ((y))-navy of Wave 2-grey
Details: Wave count is changed to increase probability. Wave 2-grey is still longer than expected, developing as a Double Three, and wave ((y))-navy is nearing completion as a Flat, expected to continue pushing down to 7.35-7.20.
Invalidation point: 6.57
ASX: SANTOS LIMITED – STO Elliott Wave Technical Analysis TradingLounge (4-Hour Chart)ASX: SANTOS LIMITED – STO Elliott Wave Technical Analysis ASX: SANTOS LIMITED – STO 4-Hour Chart AnalysisFunction: Major trend (Minute degree, navy)
Mode: Corrective
Structure: Double three
Position: Wave iii-grey of Wave (c)-orange of Wave ((y))-navy of Wave 2-grey Details: Wave ((y))-navy is opening to push lower, it is almost completing the Flat pattern, wave (c)-orange will push lower with five-waves pattern. Wave iii-grey is almost done with its role, it will basically continue to push lower, then wave iv-grey will open to push a bit higher, finally wave v-grey will continue to complete its work.
Invalidation point: 8.18
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 trend.Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation)More By This Author:Elliott Wave Technical Analysis: Dow Jones Index – Monday, Aug. 5
Elliott Wave Technical Analysis: Nvidia Corp. – Monday, Aug. 5
Unlocking ASX Trading Success: Woolworths Group Limited – Monday, Aug. 5
Leave A Comment