UnitedHealth Group Incorporated (NYSE: UNH) is the largest healthcare company in the world by revenue providing health care products and insurance services.
UNH established an impulsive 5 waves advance from 3/25 low allowing the stock to rally to new all time highs last April followed by another move higher early this month. Based on the Elliott Wave Theory, the 5 waves advance is followed by a corrective 3 waves pullback before the trend can resume.
The stock ended the impulsive rally at $315.8 peak and started the correction lower showing the initial first leg of a potential 3 waves Zigzag structure which can take it lower toward $267 – $251 area where buyers are expected to show up to resume the rally within the main trend or looking for a 3 waves bounce at least.
UNH 4 Hour Chart
The health insurance giant has an impulsive bullish structure supporting the stock above $187 low and therefore the current pullback is expected to provide a buying opportunity in 3, 7 or 11 swings as long as March 20520 low is holding.
Get our latest updates about Health Care Sector by taking this opportunity to try our services 14 days for Free and learn how to trade Stocks and ETFs using our blue boxes. You will get access to our 78 instruments updated in 4 different time frames, Live Trading & Analysis Session done by our Expert Analysts every day, 24-hour chat room support and much more.
Back
