ASX: ASX LIMITED – ASX Elliott Wave Technical Analysis and Forecast (1D Chart)
Greetings, today’s Elliott Wave analysis provides an updated outlook on the Australian Stock Exchange (ASX) ASX LIMITED – ASX. Our analysis suggests that ASX LIMITED may soon advance higher with the development of 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 (y)-orange of Wave ((ii))-navy of Wave 3-grey
Details:
Wave ((ii))-navy is continuing its downward movement, developing as a Double Three pattern. It could potentially target the 59.90 - 58.40 range before wave ((iii))-navy reverses to push higher. The price must remain above 56.54 to uphold this outlook.
Invalidation Point: 56.54
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 (y)-orange of Wave ((ii))-navy
Details: The 4-hour chart offers a detailed view of the ((ii))-navy wave, which is developing as a Double Three, with wave (y)-orange likely forming as a Zigzag. The wave may find support around the 61.8% level before reversing upwards. The price needs to stay above 56.54 to maintain this scenario. A Long Trade Setup could be considered with a target of 65.00.
Invalidation Point: 56.54
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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Conclusion:
Our analysis and short-term forecast for ASX: ASX LIMITED – ASX aim to provide valuable insights into current market trends and effective strategies to capitalize on them. We highlight specific price levels as key validation or invalidation points for our wave count, enhancing the reliability of our analysis. By integrating these elements, we strive to deliver an objective and professional market outlook.