UnitedHealth: Turnaround !
By:TradingView
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Primary Scenario
We primarily see the countermove as a recovery, with a high expected above resistance at $389.98, before the stock turns back down toward the larger correction low.
Alternative Scenario
ADJUSTMENTS: Alternatively, the stock could sell off sharply and fail to establish a new intermediate high. This path would be confirmed by a drop below support at $234.60, which would likely coincide with a move into our Long-Term Entry Range ($213.19–$119.43) (probability: 35%).
Long-Term Outlook
In the Wave 5, a move down below support at $234.60 is likely, during which our Entry Range ($213.19–$119.43) should be reached. We then expect prices to rise sustainably. Alternatively, the price could break through resistance at $437.70 directly and only then complete the final downward leg of the major correction. Based on the weekly chart, after moving through our Entry Range ($213.19–$119.43), the stock should ultimately target new highs above $762.66. We also see the possibility that a bottom has already been established. In that case, our Entry Range ($213.19–$119.43) would be obsolete, and we would expect a direct breakout above resistance at $762.66 (probability: 32%).
We primarily see the countermove as a recovery, with a high expected above resistance at $389.98, before the stock turns back down toward the larger correction low.
Alternative Scenario
ADJUSTMENTS: Alternatively, the stock could sell off sharply and fail to establish a new intermediate high. This path would be confirmed by a drop below support at $234.60, which would likely coincide with a move into our Long-Term Entry Range ($213.19–$119.43) (probability: 35%).
Long-Term Outlook
In the Wave 5, a move down below support at $234.60 is likely, during which our Entry Range ($213.19–$119.43) should be reached. We then expect prices to rise sustainably. Alternatively, the price could break through resistance at $437.70 directly and only then complete the final downward leg of the major correction. Based on the weekly chart, after moving through our Entry Range ($213.19–$119.43), the stock should ultimately target new highs above $762.66. We also see the possibility that a bottom has already been established. In that case, our Entry Range ($213.19–$119.43) would be obsolete, and we would expect a direct breakout above resistance at $762.66 (probability: 32%).
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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