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
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).
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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.