Greetings, Our latest Elliott Wave analysis for today focuses on the Australian Stock Exchange (ASX) and Aristocrat Leisure Limited (ALL). We observe that wave (v)-orange of wave ((iii))-navy is still unfolding and is likely to push higher.
ASX: Aristocrat Leisure Limited - ALL Stock Tradinglounge Analysis 1D Chart
ASX: Aristocrat Leisure Limited - ALL 1D Chart Analysis (Semilog Scale)
ASX: Aristocrat Leisure Limited - ALL Elliott Wave Technical Analysis
Function: Major trend (Minor degree, grey)
Mode: Motive
Structure: Impulse
Position: Wave (v)-orange of Wave ((v))-navy
Details: Wave (iv)-orange likely completed at the 56.04 low, and wave (v)-orange is currently unfolding. The target is within the 61.49 – 65.00 price range. The price must remain above 56.04 to support this outlook.
Invalidation point: 55.06
ASX: Aristocrat Leisure Limited - ALL 4-Hour Chart Analysis
Function: Major trend (Minuette degree, orange)
Mode: Motive
Structure: Impulse
Position: Wave (v)-orange of Wave ((v))-navy
Details: Upon closer inspection, wave (iv)-orange of wave ((v))-navy appears to have ended at the 56.04 low. The next move upward targets a range between 61.49 – 65.00.
Invalidation point: 56.04
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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See Previous: ANZ Group Holdings Limited - ANZ Elliott Wave Technical Analysis
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Conclusion:
Our Elliott Wave analysis and forecast of contextual trends provide a clear view of the market's short-term outlook for ASX: Aristocrat Leisure Limited (ALL). We pinpoint specific price levels that act as validation or invalidation markers for our wave count. This enhances the accuracy and reliability of our predictions, giving traders actionable insights to make informed decisions. Our goal is to deliver an objective and professional perspective on current market trends, helping readers capitalize on opportunities effectively.