ASX: NATIONAL AUSTRALIA BANK LIMITED - NAB Stock Analysis | TradingLounge (1D Chart)
Greetings, our updated Elliott Wave analysis on the Australian Stock Exchange (ASX) focuses on NATIONAL AUSTRALIA BANK LIMITED - NAB. The NAB.ASX chart indicates a potential upward movement in wave (iii)-orange.
ASX: NATIONAL AUSTRALIA BANK LIMITED - NAB Elliott Wave Technical Analysis
ASX: NATIONAL AUSTRALIA BANK LIMITED - NAB 1D Chart (Semilog Scale) Analysis
Function: Major Trend (Minute Degree, Navy)
Mode: Motive
Structure: Impulse
Position: Wave (iii)-orange of Wave ((v))-navy
Details: From the recent low at 34.67, wave (iii)-orange is developing and subdividing into smaller waves ((1)), ((2))-navy, and currently, wave (1)-orange. We anticipate wave (2)-orange to dip slightly before wave (3)-orange resumes its upward movement.
Invalidation Point: 35.70
ASX: NATIONAL AUSTRALIA BANK LIMITED | TradingLounge (4-Hour Chart)
ASX: NATIONAL AUSTRALIA BANK LIMITED - NAB 4-Hour Chart Analysis
Function: Major Trend (Minuette Degree, Orange)
Mode: Motive
Structure: Impulse
Position: Wave (2)-orange of Wave ((3))-navy of Wave (iii)-orange
Details: Wave ((3))-navy is progressing upward, subdividing into wave (1)-orange. With price pushing higher, wave (1)-orange may conclude soon, followed by a minor retracement in wave (2)-orange. Eventually, wave (3)-orange is expected to continue the upward trend, targeting the upper edge of the Channel.
Invalidation Point: 35.70
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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Conclusion:
Our analysis and forecast of the short-term trends for ASX: NATIONAL AUSTRALIA BANK LIMITED - NAB aim to offer valuable insights into the market's current direction and how to navigate it effectively. We provide key price points that serve as validation or invalidation for our wave count, helping to bolster confidence in our analysis. By integrating these elements, we aim to deliver the most objective and professional perspective on market trends.