Sony Corporation (NYSE: SNE) is a Japanese multinational conglomerate corporation. The Company has a diversified business primarily focused on the Electronics, Games, Entertainment and Financial Services.
In this article, we’ll be looking at the technical Elliott Wave structure of the stock since late 2012 after a significant drop in Yen value which helped the Japanese stock market to start a recovery.
SNE have been rallying in the recent 7 years with an impulsive Elliott waves structure and the incomplete bullish sequence is still suggesting further upside for the stock as long as 2016 pivot at $19.9 holds. We use our proprietary pivot system to tell us when a cycle has ended & when we need to switch to a different degree, therefore Sony can still aim higher for $65 – $73 area before another correction takes place.
Sony SNE Weekly Chart
Since October 2018, the stock corrected lower in a classical 3 waves zigzag structure and reached the extreme blue box area $42.6 – $39.8 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
Recap:
Sony impulsive structure since 2012 will remain intact as long as pivot at 2016 low $19.9 holds and short term support stands at March 2019 low $41.9. Consequently, the stock can see a recovery back toward $51 – $53 to clarify the short term structure then it can attempt to break 2018 peak.