ASX: Fisher & Paykel Healthcare Corporation Limited – Day Chart
Greetings,
Today's Elliott Wave analysis provides an update on the Australian Stock Exchange (ASX) for Fisher & Paykel Healthcare Corporation Limited – FPH. According to our projections, FPH appears poised for an upward movement with wave ((iii))-navy, but more time is required for wave ((ii))-navy to complete.
ASX: Fisher & Paykel Healthcare Corporation Limited – FPH 1D Chart (Semilog Scale) Analysis
FPH Elliott Wave Technical Analysis
Function: Major trend (Intermediate degree, orange)
Mode: Motive
Structure: Impulse
Position: Wave ((ii))-navy of Wave 5-grey of Wave (5)-orange
Details: The Wave 5-grey is progressing with an upward trajectory. This wave is currently subdividing into wave ((ii))-navy, which is expected to push lower slightly before wave ((iii))-navy takes over and moves the price higher.
Invalidation point: 31.27
ASX: Fisher & Paykel Healthcare Corporation Limited – 4-Hour Chart
FPH 4-Hour Chart Analysis
Function: Major trend (Minute degree, navy)
Mode: Motive
Structure: Impulse
Position: Wave (b)-orange of Wave ((ii))-orange of Wave 5-grey
Details:
On closer inspection, wave ((i))-navy has completed. Currently, wave ((ii))-navy is unfolding to push lower in a typical (a),(b),(c) correction pattern. After this correction completes, wave ((iii))-navy is expected to drive the price higher. The 33.00 price level could act as tested support before the price moves higher for a long trade.
Invalidation point: 31.27
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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Conclusion
Our Elliott Wave analysis for ASX: Fisher & Paykel Healthcare Corporation Limited – FPH provides insight into potential market movements, highlighting price targets and validation signals. The projected movements aim to help traders capitalize on the current trends effectively. By incorporating critical price points, such as invalidation signals, we aim to enhance the accuracy and reliability of our forecast, offering an objective and professional perspective on market trends.