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 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 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 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.
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