ASX LIMITED – ASX Elliott Wave Analysis TradingLounge (1D Chart)

Greetings! Today's Elliott Wave analysis focuses on ASX LIMITED, listed on the Australian Stock Exchange (ASX). Our analysis suggests that ASX LIMITED could rise soon as it advances through wave ((iii))-navy.

ASX: ASX LIMITED – ASX Elliott Wave Technical Analysis

ASX: ASX LIMITED – ASX 1D Chart (Semilog Scale) Analysis

  • Function: Major (Minor degree, gray)
  • Mode: Motive
  • Structure: Impulse
  • Position: Wave (ii)-orange of Wave ((iii))-navy of Wave 3-gray

Details: ASX LIMITED is currently in a critical phase where wave ((iii))-navy could be unfolding higher. However, the recent deep retracement of wave (ii)-orange indicates that the bullish momentum might be weakening. To validate this bullish outlook, the price needs to push higher in the coming days. If it fails to do so, the alternative scenario suggests that wave ((ii))-navy might extend longer than anticipated. A potential Long Trade Setup may emerge around the Medium Level of 65.00.

  • Invalidation Point: 61.06

ASX-LIMITED-1D-Asx-C...


ASX: ASX LIMITED – ASX Elliott Wave Analysis TradingLounge (4-Hour Chart)

ASX: ASX LIMITED – ASX Elliott Wave Technical Analysis

ASX: ASX LIMITED – ASX 4-Hour Chart Analysis

  • Function: Major Trend (Minute degree, navy)
  • Mode: Motive
  • Structure: Impulse
  • Position: Wave (ii)-orange of Wave ((iii))-navy

Details: A closer examination of the 4-hour chart reveals a potential Zigzag pattern in the wave (ii)-orange retracement, which is nearing its completion. For the bullish scenario to remain intact, the price needs to rise above 64.24 and consistently hold above 61.08. This would signal a high-quality Long Trade Setup. However, a drop below 61.06 would indicate that wave ((ii))-navy is developing into a more complex and extended pattern, although wave ((iii))-navy is still expected to push higher eventually.

  • Invalidation Point: 61.06
  • Confirmation Point: 64.24

Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

Previous:  V300AEQ ETF UNITS – VAS Elliott Wave Technical Analysis

Special Trial Offer - 0.76 Cents a Day for 3 Months! Click here

Access 7 Analysts Over 200 Markets Covered. Chat Room With Support

ASX-LIMITED-4hr-Asx-...


Conclusion:

Our analysis provides insights into ASX LIMITED's current market trends, focusing on short-term outlooks and potential trading opportunities. We highlight key price levels that serve as validation or invalidation points for our wave count, helping to bolster confidence in our forecast. Through this approach, we aim to offer a clear and professional perspective on market dynamics, enabling informed decision-making.

Related

AUDUSD Elliott Wave Analysis: Expert Forecast, Anticipate Price Movements, Market Trends & Winning Trading Strategies!

AUDUSD Elliott Wave Analysis: Expert Forecast, Anticipate Price Movements, Market Trends & Winning Trading Strategies!

This AUDUSD Elliott Wave Analysis provides a comprehensive forecast and technical insights into the ...

Read More >
Shanghai Composite Index Elliott Wave Technical Analysis with SSE Price Predictions, Market Trends, and Financial Insights

Shanghai Composite Index Elliott Wave Technical Analysis with SSE Price Predictions, Market Trends, and Financial Insights

This analysis provides a detailed Elliott Wave breakdown of the Shanghai Composite Index (SSE), high...

Read More >
McDonald's (MCD) Elliott Wave Analysis: Detailed Stock Forecast with Technical Indicators for Smarter Trading Decisions

McDonald's (MCD) Elliott Wave Analysis: Detailed Stock Forecast with Technical Indicators for Smarter Trading Decisions

This McDonald’s (MCD) Elliott Wave analysis provides a detailed stock forecast based on technical i...

Read More >
VeChain Crypto Price News Today Elliott Wave Technical Analysis: A Comprehensive Analysis VETUSD Pair

VeChain Crypto Price News Today Elliott Wave Technical Analysis: A Comprehensive Analysis VETUSD Pair

In this article, we provide a comprehensive analysis of VeChain (VETUSD) using Elliott Wave theory. ...

Read More >
VeChain/U.S. dollar(VETUSD) Elliott Wave Technical Analysis 18 October 23

VeChain/U.S. dollar(VETUSD) Elliott Wave Technical Analysis 18 October 23

TradingLounge 4H chart and Day chart for VeChain/U.S. dollar(VETUSD) Elliott Wave Technical Analysis...

Read More >
Costco Wholesale Corp. (COST) Elliott Wave Analysis: Stock Forecast, Key Resistance Levels, and Market Outlook for Investors

Costco Wholesale Corp. (COST) Elliott Wave Analysis: Stock Forecast, Key Resistance Levels, and Market Outlook for Investors

This Costco (COST) Elliott Wave analysis provides a detailed look at the stock's current wave st...

Read More >

Buy 1 Month

Get 3 Months!

Special Offer:

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering:

  • Stock Trades
  • Crypto Trades
  • Forex Trades
  • Commodity Trades
Elliott Wave Analysis

Gain a competive edge with expert insights in to:

  • Global Indices
  • US Stocks & ASX Stocks
  • Forex & Crypto
  • Commodities
Top-Notch Trading Tools

Equip yourself with the tools of success:

  • Social Chat
  • Elliott Wave Algorithm
  • Screener
  • TradingLevels
  • Trading Game
7 Elliott Wave Analysts

Stay ahead of the market with daily charts and insightful videos
-Your secret to strategic trading!

JOIN HERE


Welcome to TradingLounge (ASIC A.R.No. 321187), specialists in trades, trading education and technical analysis, covering stocks, indices, commodities, forex and cryptocurrencies.

When you join TradingLounge you have access to everything we offer, including trade tools, educational content and a social platform to chat with like-minded investors.

Read more

@Copyright 2024 by tradinglounge.com

Contact Us

Australian no: 02 4787 6020

International no: +61 (2) 47876020

Pay with:

Find us on