S&P/ASX 200 Elliott Wave Analysis - TradingLounge Day Chart
S&P/ASX 200 Index Day Chart Analysis
S&P/ASX 200 Elliott Wave Technical Analysis
The S&P/ASX 200 Elliott Wave Analysis for the day chart reveals a strong trend with an impulsive wave structure. The focus is on gray wave 3, which indicates continued bullish momentum in the market. The market is currently within orange wave 3, part of the larger gray wave 3, highlighting a positive price movement.
The analysis shows that gray wave 2 is now complete, and gray wave 3 of orange wave 3 is in progress. This transition from the corrective phase to the impulsive phase often results in a strong price surge, aligning with the ongoing upward trend. The next important phase will be the development of gray wave 4, expected after the completion of gray wave 3.
The invalidation level of 7,625.9 serves as a critical threshold. If the market drops below this level, the current wave structure could be compromised, requiring a reevaluation of the market direction.
Summary
The S&P/ASX 200 is experiencing a strong bullish trend, supported by the progression of gray wave 3 and orange wave 3. With gray wave 2 completed and gray wave 3 ongoing, the market is likely to maintain its upward trajectory. Keep an eye on the invalidation level at 7,625.9, which could indicate a shift in the trend if breached.
S&P/ASX 200 Elliott Wave Analysis - TradingLounge Weekly Chart
S&P/ASX 200 Elliott Wave Technical Analysis
The S&P/ASX 200 Elliott Wave Analysis for the weekly chart indicates a clear upward trend with the market in an impulsive phase. The focus is on orange wave 3, which suggests continued upward momentum. The market is positioned within navy blue wave 3, a higher-degree wave, confirming the bullish outlook.
According to the analysis, orange wave 2 is complete, and the market is progressing through orange wave 3 of navy blue wave 3. This phase is typically marked by significant price increases, often representing the most powerful part of the impulsive wave structure.
The next key phase will be orange wave 4, a corrective wave expected to follow the completion of orange wave 3. Despite this potential correction, the overall trend remains bullish for now.
The invalidation level at 7,625.9 is a crucial point to monitor. A drop below this level could invalidate the current wave structure and prompt a reassessment of the market outlook.
Summary
The S&P/ASX 200 continues in a strong bullish trend with both orange wave 3 and navy blue wave 3 active. The completion of orange wave 2 and the ongoing impulsive phase suggest continued upward movement. However, traders should monitor the invalidation level at 7,625.9, as a breach could signal a shift in the wave structure.
Technical Analyst: Malik Awais
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