ASX: Wesfarmers Limited – WES Elliott Wave Analysis (1D Chart)

Greetings, our updated Elliott Wave analysis focuses on Wesfarmers Limited (WES) listed on the Australian Stock Exchange (ASX). Our outlook indicates that WES may continue its downward movement in the fourth wave.

ASX: Wesfarmers Limited – WES 1D Chart (Semilog Scale) Analysis

WES Elliott Wave Technical Analysis

Function: Major trend (Minute degree, navy)

Mode: Motive

Structure: Impulse

Position: Wave 4-grey of Wave (3)-orange

Details: The ongoing development of Wave 4-grey suggests a further decline, potentially reaching the lower boundary of the channel or targeting the price level at 63.06. A more detailed examination of the 4H chart will give more insight into its internal structure.

Invalidation point: 52.79

Wesfarmers-Limited-1...


ASX: WESFARMERS LIMITED – WES 4-Hour Chart Analysis

Function: Counter trend (Minute degree, navy)

Mode: Corrective

Structure: Zigzag

Position: Wave (c)-orange of Wave ((b))-navy

Details: Wave ((a))-navy has been completed, and wave ((b))-navy is expected to take more time to finalize. It is likely forming a Triangle, progressing from wave (a)-orange to (e)-orange. Upon completion, wave ((c))-navy is anticipated to resume its downward trajectory towards the previously discussed targets.

Invalidation point: 77.17

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

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

See Previous: SONIC HEALTHCARE LIMITED – SHL 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

Wesfarmers-Limited-4...


Conclusion

Our Elliott Wave analysis for ASX: WESFARMERS LIMITED (WES) provides a detailed forecast of the current market trend, highlighting key price levels for traders to monitor. By identifying validation and invalidation points, we enhance confidence in the accuracy of our wave count. This comprehensive approach aims to offer readers a clear, professional insight into market movements and potential opportunities to capitalize on them effectively.

Related

Elliott Wave Analysis for MINERAL RESOURCES LIMITED – MIN Reveals Strong Wave 5 Setup, Support at $14.05

Elliott Wave Analysis for MINERAL RESOURCES LIMITED – MIN Reveals Strong Wave 5 Setup, Support at $14.05

Elliott Wave analysis for Mineral Resources Limited (ASX:MIN) reveals a completed Wave 4 correction...

Read More >
Elliott Wave Analysis for ASX Unibail-Rodamco-Westfield: Reveals Bullish Fifth Wave Structure and Medium-Term Stock Forecast

Elliott Wave Analysis for ASX Unibail-Rodamco-Westfield: Reveals Bullish Fifth Wave Structure and Medium-Term Stock Forecast

Elliott Wave analysis reviews URW stock on the ASX, showing medium-term bullish potential. Wave stru...

Read More >
Cocoa Elliott Wave Technical Analysis: Breaking into New Highs Signals Strong Bullish Momentum

Cocoa Elliott Wave Technical Analysis: Breaking into New Highs Signals Strong Bullish Momentum

Cocoa's price action reflects a strong bullish sentiment, supported by analyses across daily and...

Read More >
ADANI PORTS and SEZ Indian Stocks Elliott Wave Technical Analysis: Share Price Insights, Market Trends, and Forecasts

ADANI PORTS and SEZ Indian Stocks Elliott Wave Technical Analysis: Share Price Insights, Market Trends, and Forecasts

Elliott Wave analysis of ADANI PORTS, focusing on key technical insights, price predictions, and pot...

Read More >
TSLA Stock Forecast: Tesla Elliott Wave Technical Analysis & Key Price Levels

TSLA Stock Forecast: Tesla Elliott Wave Technical Analysis & Key Price Levels

This comprehensive Elliott Wave analysis of Tesla Inc. (TSLA) provides an in-depth look at both dail...

Read More >

$1 for 2 Weeks

then $29 a month!

What a Special Offer!

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering 250+ markets:

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

Gain a competitive edge with expert insights and AI-powered Elliott Wave charting into:

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

Equip yourself with the tools of success:

  • Real-time Chat rooms
  • Elliott Wave Algorithm
  • Portfolio tools
  • TradingLevels
  • Screener
  • 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