ASX: Woolworths Group Limited (WOW) - Elliott Wave Technical Analysis
Welcome to today's Elliott Wave analysis for the Australian Stock Exchange (ASX), focusing on Woolworths Group Limited (WOW). Our analysis indicates that WOW may be poised to enter a Bull Market phase with wave ((iiii))-navy of wave 3-grey.
Woolworths Group Limited - WOW Elliott Wave Analysis TradingLounge
ASX: Woolworths Group Limited (WOW) 1D Chart (Semilog Scale) Analysis
WOW Elliott Wave Technical Analysis
Function: Major trend (Intermediate degree, orange)
Mode: Motive
Structure: Impulse
Position: Wave ((ii))-navy of Wave (3)-orange
Details: The first wave ((i))-navy has concluded, and wave ((ii))-navy appears to be unfolding, pushing lower with projected targets between 34.75 and 34.32. Once wave ((ii))-navy completes, wave ((iii))-navy is expected to continue the upward momentum.
Invalidation point: 32.98
Woolworths Group Limited - WOW Elliott Wave Analysis TradingLounge
ASX: Woolworths Group Limited (WOW) 4-Hour Chart Analysis
Function: Major trend (Minute degree, navy)
Mode: Motive
Structure: Impulse
Position: Wave (b)-orange of Wave ((ii))-navy
Details: Wave ((ii))-navy continues to push lower. It appears wave (a)-orange has concluded, and wave (b)-orange is pushing slightly higher before wave (c)-orange takes over, likely targeting a low around 78.60%. Once completed, wave ((iii))-navy is expected to push higher.
Invalidation point: 120.59
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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See Previous: Commonwealth Bank of Australia Elliott Wave Technical Analysis
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Conclusion
Our analysis of the ASX: Woolworths Group Limited (WOW) offers a forecast of market trends and a short-term outlook. We provide specific price levels as validation or invalidation points, helping traders navigate the market with greater confidence. By incorporating these key insights, we aim to offer a balanced and professional view of the current market environment.