TASI Index Elliott Wave Analysis | TradingLounge Daily Chart

TASI Index Daily Chart Technical Analysis

TASI Index Elliott Wave Technical Analysis

Function: Trend

Mode: Impulsive

Structure: Gray wave 3

Position: Orange wave 3

Next Lower Degrees: Gray wave 4

Details: Gray wave 2 completed, gray wave 3 in progress

Wave Invalidation Level: 11345.065

The daily Elliott Wave analysis of the TASI Index suggests a continuation of the impulsive bullish trend, currently in gray wave 3. The structure implies a strong upward momentum as gray wave 2 has completed, and the market is advancing through gray wave 3. This progression indicates that the upward trend is likely to extend as part of the larger impulsive wave movement.

In this wave count, the current position is within orange wave 3, a sub-wave of gray wave 3. This stage represents a robust upward push following the corrective phase of gray wave 2. The market is expected to continue rising until gray wave 3 completes, after which it will transition into gray wave 4, the next corrective phase.

For now, the bullish trend remains dominant as gray wave 3 is still ongoing. However, a drop below the invalidation level of 11345.065 would invalidate the current wave structure, necessitating a reevaluation of the market's direction. Until then, the bullish Elliott Wave scenario remains valid.

Summary:

  • The TASI Index is in an impulsive bullish trend.
  • Gray wave 3 is currently in progress, following the completion of gray wave 2.
  • Orange wave 3 is pushing the market higher.
  • The bullish trend remains valid as long as the market stays above the invalidation level of 11345.065.

TASI-Index-Daily-Cha...


TASI Index Elliott Wave Analysis | TradingLounge Weekly Chart

TASI Index Elliott Wave Technical Analysis

Function: Trend

Mode: Impulsive

Structure: Orange wave 3

Position: Navy blue wave 3

Next Lower Degrees: Orange wave 4

Details: Orange wave 2 completed, orange wave 3 in progress

Wave Invalidation Level: 11345.065

The weekly Elliott Wave analysis of the TASI Index also confirms an impulsive trend, with orange wave 3 currently in progress. The wave structure points to a bullish continuation, as orange wave 2 has concluded and the market is now advancing through orange wave 3. This phase is characterized by strong upward momentum, typical of wave 3 in the Elliott Wave framework.

At present, the market is moving through navy blue wave 3, a sub-wave of orange wave 3. Following the completion of orange wave 2, the current wave count suggests that the upward trend will persist until orange wave 3 completes. Afterward, the market is expected to enter orange wave 4, signaling the start of the next corrective phase. For now, the impulsive upward movement continues to dominate the market.

The invalidation level for this wave count is 11345.065. A break below this level would invalidate the current structure, indicating that the impulsive wave scenario is no longer in effect. As long as the market holds above this level, the bullish trend driven by orange wave 3 is expected to continue.

Summary:

  • The TASI Index is in an impulsive trend on the weekly chart.
  • Orange wave 3 is currently active after the completion of orange wave 2.
  • The market is advancing through navy blue wave 3.
  • The bullish trend is expected to persist until orange wave 3 completes.
  • The trend remains valid as long as the market stays above the invalidation level of 11345.065.

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

Precise Market Analysis to Enhance Your AUDJPY Trading Strategy: Australian Dollar/Japanese Yen Elliott Wave Technical Analysis

Precise Market Analysis to Enhance Your AUDJPY Trading Strategy: Australian Dollar/Japanese Yen Elliott Wave Technical Analysis

Dive into a comprehensive analysis of the Australian Dollar/Japanese Yen (AUDJPY) using Elliott Wave...

Read More >
Our Expert Analysis and forecast for ASX LMITED - ASX Stock Analysis & Elliott Wave Technical Forecast

Our Expert Analysis and forecast for ASX LMITED - ASX Stock Analysis & Elliott Wave Technical Forecast

Our in-depth Elliott Wave analysis of ASX Limited offers insights into current market trends and fut...

Read More >
Highlighting Potential Opportunities for Apple Inc Stock Traders: AAPL Elliott Wave Technical Analysis

Highlighting Potential Opportunities for Apple Inc Stock Traders: AAPL Elliott Wave Technical Analysis

Our Elliott Wave analysis provides a thorough examination of Apple Inc. (AAPL) price movements. By u...

Read More >
Commodities & Futures Market Analysis: Elliott Wave Insights & Strategies

Commodities & Futures Market Analysis: Elliott Wave Insights & Strategies

Discover profitable opportunities in the Commodities and Futures Trading Market with our comprehen...

Read More >
Natural Gas Commodity Elliott Technical Analysis: Strategic Trading Opportunities to help you Navigate the Market Effectively

Natural Gas Commodity Elliott Technical Analysis: Strategic Trading Opportunities to help you Navigate the Market Effectively

Explore our detailed natural gas technical analysis through Elliott Wave theory. Learn about the cur...

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