TASI Index Elliott Wave Analysis: TradingLounge Daily Chart

TASI Index Elliott Wave Technical Analysis

  • Function: Bullish Trend

  • Mode: Impulsive

  • Structure: Gray Wave 3

  • Position: Orange Wave 3

  • Next Lower Degrees Direction: Gray Wave 4

  • Details: Gray Wave 2 completed, now Gray Wave 3 is unfolding.

  • Wave Cancel Invalid Level: 11756.730

The TASI Index continues to demonstrate a bullish trend, as shown by the Elliott Wave analysis on the daily chart. The market's impulsive mode signals strong upward momentum, with the ongoing wave structure identified as Gray Wave 3, which falls within the broader Orange Wave 3. This indicates that the market is aligning with a larger degree upward trend.

Gray Wave 2 has now completed, marking the end of a corrective phase. The market is advancing through Gray Wave 3, typically characterized by increased momentum and price appreciation, further affirming the bullish direction.

Additionally, the analysis highlights a wave cancel invalidation level at 11756.730, serving as a key threshold for validating the current wave count. If the price dips below this level, the current wave count will be invalidated, potentially leading to a reversal or significant correction.

Summary:

The TASI Index is currently experiencing a robust upward trend, propelled by the unfolding Gray Wave 3 within Orange Wave 3. The completion of Gray Wave 2 suggests that the market has moved out of a corrective phase into a strong upward trend. Traders should pay close attention to the invalidation level at 11756.730, as a breach below this level could disrupt the current bullish structure and indicate a shift in market conditions.

TASI-Index-Daily-Cha...


TASI Index Elliott Wave Analysis: Weekly Chart

TASI Index Elliott Wave Technical Analysis

  • Function: Bullish Trend

  • Mode: Impulsive

  • Structure: Orange Wave 3

  • Position: Navy Blue Wave 3

  • Next Lower Degrees Direction: Orange Wave 4

  • Details: Orange Wave 2 completed, now Orange Wave 3 is unfolding.

  • Wave Cancel Invalid Level: 11756.730

On the weekly chart, the TASI Index remains in a bullish trend according to Elliott Wave analysis. The trend is classified as impulsive, denoting a strong and sustained upward movement. The current wave structure is labeled as Orange Wave 3, situated within the larger Navy Blue Wave 3, indicating that the index is advancing within a higher degree bullish phase.

The completion of Orange Wave 2 marks the end of a corrective phase, with Orange Wave 3 now progressing. This wave is typically associated with strong upward movement driven by increased buying pressure. As Orange Wave 3 unfolds, the bullish trend is likely to continue, with potential new highs before any significant correction.

A crucial invalidation level is identified at 11756.730. Should the price fall below this threshold, it would invalidate the current wave count, signaling a possible market trend shift. This level is critical for traders to monitor as it confirms the integrity of the Elliott Wave structure.

Summary:

The TASI Index is in a strong bullish phase, led by Orange Wave 3 within Navy Blue Wave 3. The completion of Orange Wave 2 indicates the index has resumed its upward momentum after a correction. Traders should carefully observe the invalidation level at 11756.730, as a price drop below this level could suggest a shift in the bullish outlook. However, as long as the price remains above this key threshold, the upward trend is expected to continue.

Technical Analyst: Malik Awais

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

Previous: KOSPI Composite Elliott Wave Technical Analysis

VALUE Offer - Buy 1 Month & Get 3 Months!Click here

Access 7 Analysts Over 200 Markets Covered. Chat Room With Support

TASI-Index-Weekly-Ch...

Related

Neo/ U.S. dollar(NEOUSD) Elliott Wave Technical Analysis: Riding the Uptrend Wave

Neo/ U.S. dollar(NEOUSD) Elliott Wave Technical Analysis: Riding the Uptrend Wave

Explore our latest NEO/USD Elliott Wave Analysis for March 6, 2024, to uncover valuable insights int...

Read More >
Our expert guidance on the best DAX 40 stocks: DAX (Germany) Index Elliott Wave Technical Analysis

Our expert guidance on the best DAX 40 stocks: DAX (Germany) Index Elliott Wave Technical Analysis

Our comprehensive DAX 40 Elliott Wave Analysis provides an in-depth look at the current market trend...

Read More >
Mastercard Inc. (MA) Elliott Wave Analysis Shows Bullish Wave 3 Targeting $595 and $650 Key Resistance Levels for Traders

Mastercard Inc. (MA) Elliott Wave Analysis Shows Bullish Wave 3 Targeting $595 and $650 Key Resistance Levels for Traders

Mastercard (MA) Elliott Wave analysis forecasts an ongoing bullish move in Wave 3, targeting $595 an...

Read More >
 JAMES HARDIE INDUSTRIES PLC Elliott Wave Analysis: ASX:JHX Stock Forecast, Support & Resistance Levels, and Market Trends

JAMES HARDIE INDUSTRIES PLC Elliott Wave Analysis: ASX:JHX Stock Forecast, Support & Resistance Levels, and Market Trends

This JHX Elliott Wave analysis provides a detailed technical outlook on JAMES HARDIE INDUSTRIES PLC ...

Read More >
Comprehensive Elliott Wave Analysis: S&P 500, NASDAQ 100, DAX 40, and More - June 2024 Market Insights

Comprehensive Elliott Wave Analysis: S&P 500, NASDAQ 100, DAX 40, and More - June 2024 Market Insights

Today's analysis covers key stock market indices including the S&P 500, NASDAQ 100, Russell 2000...

Read More >
Polkadot/U.S. dollar(DOTUSD) Elliott Wave Technical Analysis 19 October 23

Polkadot/U.S. dollar(DOTUSD) Elliott Wave Technical Analysis 19 October 23

DOTUSD Elliott Wave Analysis TradingLounge Daily and 4-hour Chart for 19 October 23.

Read More >

Buy 1 Month

Get 3 Months!

Special Offer:

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering:

  • Stock Trades
  • Crypto Trades
  • Forex Trades
  • Commodity Trades
Elliott Wave Analysis

Gain a competive edge with expert insights in to:

  • Global Indices
  • US Stocks & ASX Stocks
  • Forex & Crypto
  • Commodities
Top-Notch Trading Tools

Equip yourself with the tools of success:

  • Social Chat
  • Elliott Wave Algorithm
  • Screener
  • TradingLevels
  • Trading Game
7 Elliott Wave Analysts

Stay ahead of the market with daily charts and insightful videos
-Your secret to strategic trading!

JOIN HERE


Welcome to TradingLounge (ASIC A.R.No. 321187), specialists in trades, trading education and technical analysis, covering stocks, indices, commodities, forex and cryptocurrencies.

When you join TradingLounge you have access to everything we offer, including trade tools, educational content and a social platform to chat with like-minded investors.

Read more

@Copyright 2024 by tradinglounge.com

Contact Us

Australian no: 02 4787 6020

International no: +61 (2) 47876020

Pay with:

Find us on