SONY Is Near To End A Leading Diagonal And It Could Start a Pullback

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

You can see above the weekly chart of May. The market has kept the upward movement. From the low of 61.67, we can count 5 swings up giving the idea of ​​a leading diagonal structure. We currently need to break above the 95.23 high in order to have the minimum number of swings to complete the diagonal. However, SONY share prices could go as high as around 98.41 to finish the wave ((1)). Once we see a strong fall in the price we could give for ended the wave ((1)). From there, the market would enter a corrective phase where we should see 3, 7 or 11 swings down to complete wave ((2)) before continuing the rally. (If you want to learn more about Elliott Wave Theory, please follow these links: Elliott Wave Education and Elliott Wave Theory).

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