ASX: Xero Limited - XRO Elliott Wave Analysis TradingLounge (1D Chart)

Greetings, our Elliott Wave analysis today focuses on the Australian Stock Exchange (ASX) for XERO LIMITED (ASX: XRO). We observe that XERO LIMITED is developing within a Diagonal, and in the short term, there is potential for further upward movement.

ASX: XERO LIMITED - XRO Elliott Wave Technical Analysis

ASX: Xero Limited - XRO 1D Chart (Semilog Scale) Analysis

Function: Major trend (Minute degree, navy)

Mode: Motive

Structure: Impulse

Position: Wave (v)-orange of Wave (i)-navy

Details: The pattern appears to be unfolding as a Diagonal. Since the low of 126.69, the (v)-orange wave is continuing to push higher as a Zigzag. The maximum target is lower than the previous high of 157.45.

Invalidation point: 138.60

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

ASX: XERO LIMITED - XRO Elliott Wave Technical Analysis

ASX: XERO LIMITED - XRO 4-Hour Chart Analysis

Function: Major trend (Minute degree, navy)

Mode: Motive

Structure: Impulse

Position: Wave c-grey of Wave (iv)-orange

Details: From the low at 126.68, the (v)-orange wave is advancing higher as a Zigzag within the larger Diagonal pattern. Recently, the b-grey wave seems to have completed at the low of 138.60, and the c-grey wave is currently advancing, targeting the next high at 149.70.

Invalidation point: 138.60

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

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Conclusion

Our Elliott Wave analysis and forecast for ASX: XERO LIMITED (XRO) provide insights into the current market trends. We identify specific price levels that act as validation or invalidation points for the wave count, enhancing the reliability of our perspective. This analysis is designed to offer traders an objective and professional viewpoint on the market, helping them capitalize on potential market movements effectively.