ASX: REA GROUP LTD – REA Elliott Wave Technical Analysis TradingLounge (1D Chart)
Welcome to our updated Elliott Wave analysis for the Australian Stock Exchange (ASX), focusing on REA GROUP LTD – REA. Our analysis suggests that REA.ASX may be progressing higher within wave ((iii))-navy.
ASX: REA GROUP LTD – REA Elliott Wave Technical Analysis
ASX: REA GROUP LTD – REA 1D Chart (Semilog Scale) Analysis
Function: Major trend (Minor degree, gray)
Mode: Motive
Structure: Impulse
Position: Wave (i)-orange of Wave ((iii))-navy
Details:
Wave ((iii))-navy appears to be advancing further, currently unfolding into wave (i)-orange. If a significant decline occurs, it would suggest the development of wave (ii)-orange, indicating a temporary push lower. Eventually, wave (iii)-orange is expected to resume the upward movement. A drop below 207.58 would confirm the unfolding of wave (ii)-orange. We anticipate a Long Trade Setup once wave (ii)-orange completes.
Invalidation Point: 187.27
ASX: REA GROUP LTD – REA Elliott Wave Technical Analysis TradingLounge (4-Hour Chart)
ASX: REA GROUP LTD – REA Elliott Wave Technical Analysis
ASX: REA GROUP LTD – REA 4-Hour Chart Analysis
Function: Major trend (Minute degree, navy)
Mode: Motive
Structure: Impulse
Position: Wave (i)-orange of Wave ((iii))-navy
Details:
Following the low of 172.49, waves ((i)) and ((ii)) of the navy degree have completed. Wave ((iii))-navy is now emerging from the low of 187.27, subdividing into wave (i)-orange. Wave (i)-orange is expected to complete soon, leading to the development of wave (ii)-orange, which would push lower before wave (iii)-orange resumes the upward movement. A move below 207.58 would indicate that wave (ii)-orange is underway. We will be looking for a Long Trade Setup once wave (ii)-orange is complete.
Invalidation Point: 187.27
Conclusion:
Our analysis provides an insightful forecast of both contextual and short-term trends for ASX: REA GROUP LTD – REA. We offer key price points that serve as validation or invalidation signals for our wave count, helping to bolster confidence in our analysis. By combining these factors, we aim to deliver the most objective and professional perspective on current market trends.
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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