$SAN : Sanofi Shows Monthly Bullish Structure

Sanofi Monthly Elliott Wave Analysis 05.06.2020

The monthly chart below shows the Sanofi stock $SAN traded at Euronext Paris. From the all-time lows, the stock price is showing an Elliott wave motive wave pattern. The cycle up in blue wave (I) of super cycle degree has ended by printing its top on December 2001 at 86.44. After 5 waves higher in (I), the correction lower in 3 swings of wave (II) has ended on October 2008 at 36.00.

Sanofi Weekly Elliott Wave Analysis 05.06.2020

The correction of the cycle higher in wave I from the 08.2015 highs in red wave II lower is shown in detail in the weekly chart below. The decline unfolds as an Elliott Wave double three pattern, i.e., a 3–3–3 structure. First, the cycle in black wave ((W)) has ended on 03.2018. Secondly, the bounce in 3 waves higher in wave ((X)) is favored ended on 02.2020 at 95.09. And finally, wave ((Y)) should end the double three pattern. While below 95.09, the wave ((Y)) may extend lower to the equal legs extension area towards 56.70–47.61. The internal waves (A) and (B) might be in place and the wave © can fall lower towards the extreme area.

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