ASX: Commonwealth Bank of Australia - CBA Stock Analysis 1D Chart

Greetings, Our Elliott Wave analysis today provides an update on the Australian Stock Exchange (ASX) focusing on the Commonwealth Bank of Australia - CBA. We see ASX: CBA exhibiting bullish potential for wave ((iii)).

ASX: Commonwealth Bank of Australia - CBA Elliott Wave Technical Analysis

ASX: Commonwealth Bank of Australia - CBA 1D Chart (Semilog Scale) Analysis

Function: Major trend (Minor degree, gray)

Mode: Motive

Structure: Impulse

Position: Wave (ii)-orange of Wave ((iii))-navy

Details: Wave (i)-orange has just completed as a Diagonal, and wave (ii)-orange is currently unfolding to push lower. Sharp and strong corrections typically follow diagonals.

Invalidation point: 124.89

ASX: Commonwealth Bank of Australia Stock Analysis 4-Hour Chart

ASX: Commonwealth Bank of Australia - CBA Elliott Wave Technical Analysis (4-Hour Chart)

Function: Major trend (Minor degree, grey)

Mode: Motive

Structure: Impulse

Position: Wave (ii)-orange of Wave ((iii))-navy

Details: Wave (i)-orange has ended below the Diagonal, and wave (ii)-orange is likely to continue pushing lower. The first target could be at 136.98 or even lower. Once wave (ii)-orange concludes, wave (iii)-orange could resume the upward trend.

Invalidation point: 124.89

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

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

See Previous: South32 Limited – S2 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

Conclusion:

Our Elliott Wave analysis and short-term outlook for ASX: Commonwealth Bank of Australia - CBA offer insights into current market movements. We provide specific price points that serve as validation or invalidation signals, adding confidence to our wave count. Combining these factors, our objective is to offer the most professional and reliable perspective on the ASX market trends for CBA.