Sony Corporation (NYSE: SNE) — Impulsive Structure Since 2012

Elliottwave Forecast  |

We examine today the technical Elliott Wave structure of Sony  (SNE) stock since late 2012 after a significant drop in the Yen which helped the Japanese stock market to start a recovery.

Sony has been rallying for 7 years with an impulsive Elliott waves structure, and the incomplete bullish sequence is still suggesting further upside for the stock as long as the 2016 pivot at $19.90 holds. We use our proprietary pivot system to tell us when a cycle has ended, and when we need to switch to a different degree. Therefore we believe Sony can still aim higher for the $65 - $73 area before another correction takes place.

Sony SNE Weekly Chart

Sony SNE Weekly Chart

Since October 2018, the stock has corrected lower in a classical 3 waves zigzag structure and reached the extreme blue box area of $39.80 - $42.60, which is a high-frequency area where markets are likely to end cycles and make a turn. Up from there, SNE started bouncing higher, ending the cycle from the peak and initially resuming the main daily bullish trend, or doing a 3 waves bounce at least.

Sony SNE 4H Chart

Sony SNE 4H Chart

Click to enlarge

Recap:

Sony's impulsive structure since 2012 will remain intact as long as the pivot at the 2016 low of $19.90 holds, and short term support stands at the March 2019 low of $41.90. Consequently, the stock can see a recovery back toward the $51 - $53 level to clarify the short term structure before attempting to break the 2018 peak.

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The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer.

Companies

Symbol Name Price Change % Volume
SNE Sony Corporation 71.88 -0.71 -0.98 678,359 Trade

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