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.
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 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.
UNH Elliott Wave technical analysis – Four hour 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.
UNH Elliott Wave technical analysis [Video]
As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.
Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.
Recommended content
Editors’ Picks
AUD/USD consolidates near 19-month peak as traders await US PCE Price Index
AUD/USD oscillates in a range below the 0.6900 mark, as traders opt to move to the sidelines ahead of the US PCE Price Index. In the meantime, the RBA's hawkish stance, the optimism led by additional monetary stimulus from China, the prevalent risk-on mood, and a bearish USD continue to act as a tailwind for the pair.
EUR/USD rebounds on Thursday after midweek pullback
EUR/USD tuned back into the high end on Thursday, getting bolstered by a broad-market selloff in the Greenback. US data that printed better than expected helped to ease concerns of a possible economic slowdown within the US economy looming over the horizon.
Gold holding at higher ground at around $2,670
Gold breaks to new high of $2,673 on Thursday. Falling interest rates globally, intensifying geopolitical conflicts and heightened Fed easing bets are the main factors.
Ethereum investors show bullish bias amid ETF inflows and positive funding rates, exchange reserves pose risk
Ethereum traded around $2,640 on Thursday, up more than 2% following increased bullish bias among investors, as evidenced by ETH ETF net inflows and an uptrend in funding rates. However, investors may be wary of a potential correction from ETH's rising exchange reserve.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.