TradingLounge ASX: Coles Group Limited Stock Analysis - 1D Chart
Introduction
Our updated Elliott Wave analysis focuses on COLES GROUP LIMITED (COL) listed on the Australian Stock Exchange (ASX). We foresee a potential short-term rally for COL, followed by a pullback to lower price levels.
ASX: COLES GROUP LIMITED (COL) 1D Chart (Semilog Scale)
COL Elliott Wave Technical Analysis
Function: Major trend (Minute degree, navy)
Mode: Motive
Structure: Impulse
Position: Wave (4) - orange
Details:
Wave (3) - orange has recently concluded, and wave (4) - orange is currently in progress, suggesting further downside movement. The sharp and bearish nature of wave (4) requires close monitoring until sufficient evidence of wave (5) - orange starting emerges.
Invalidation Point: 17.15
ASX: COLES GROUP LIMITED (COL) 4-Hour Chart Analysis
Function: Major trend (Intermediate degree, orange)
Mode: Motive
Structure: Impulse
Position: Wave B - grey of Wave (4) - orange
Details:
In the 4-hour chart, wave (4) - orange appears to unfold as a Zigzag pattern. Wave A - grey has already been completed, and wave B - grey is anticipated to move higher shortly. Following that, wave C - grey is expected to push lower, finalizing the fourth wave. The notable depth of wave four's retracement signals the importance of closely monitoring future developments.
Invalidation Point: 17.15
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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Conclusion
Our technical analysis of ASX: COLES GROUP LIMITED (COL) provides insights into the ongoing market trends and potential trading opportunities. We highlight key price levels to validate or invalidate our wave counts, offering traders increased confidence in our outlook. This analysis aims to deliver a professional and objective perspective on the current market movements.