Sony is near to end a leading diagonal and it could start a pullback

Elliott Wave Forecast Team ElliottWave-Forecast.com

Sony Group Corporation, commonly known as SONY, is a Japanese multinational conglomerate corporation. As a major technology company, it operates as one of the world’s largest manufacturers of consumer and professional electronic products, the largest video game console company.

SONY ended an impulse that began at the end of 2012. The share price reached 133.75 in January 2021, that is, 9 years of upward movement. We called this impulse wave (I). The price started to fall forming a double correction and after almost 5 months wave II ended.

Sony weekly chart November 27 th 2022

This is SONY last November chart. The first 3 swings ended wave w at 94.40. Connector wave x finished at 107.79. Down from wave x market made 3 swings lower to complete y. Wave (a) ended at 80.05 and bounced as wave (b) ended at 95.96. Last drop as wave (c) made an impulse to the blue box area ending wave y and wave (II) at 61.67. The rally began and it should continue higher until stock price stays above 61.67.

Sony weekly chart May 12 th 2023

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Elliott Wave Forecast Team

ElliottWave-Forecast.com

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