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).
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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.