ASX: RESMED INC - RMD Elliott Wave Technical Analysis
Greetings! In today's Elliott Wave analysis update on the Australian Stock Exchange (ASX), we delve into RESMED INC - RMD. Current indications suggest RMD is preparing for a potential upward move with the third wave.
ASX: RESMED INC - RMD 1D Chart Analysis (Semilog Scale)
Function: Major trend (Minor degree, grey)
Mode: Motive
Structure: Impulse
Position: Wave ((iii)) - navy of Wave 3 - grey
Analysis:
The completion of Wave ((ii)) - navy appears likely, signaling that Wave ((iii)) - navy may be progressing upwards. This unfolding wave suggests potential targets in the 40.00 – 50.00 range.
- Invalidation Point: 34.19
ASX: RESMED INC - RMD 4-Hour Chart Analysis
Function: Major trend (Minuette degree, navy)
Mode: Motive
Structure: Impulse
Position: Wave (iii) - orange of Wave ((iii)) - navy
Analysis:
Wave ((iii)) - navy is likely evolving from the 34.19 level, with indications of subdividing into wave (i) and (ii) - orange. This minor wave (ii) - orange might see further declines, targeting the range of 36.05 - 35.24. Once reached, wave (iii) - orange could advance further, provided the price surpasses Wave B of wave (ii) - orange. If the price falls below 35.24, an alternative (ALT) scenario could emerge, suggesting that Wave ((ii)) - navy may not have completed and could need further downward movement.
- Invalidation Point: 34.19
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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Conclusion
Our Elliott Wave analysis for ASX: RESMED INC - RMD provides insights into market trends and potential strategies for effectively leveraging these movements. We emphasize specific price points as confirmation or invalidation signals to reinforce the reliability of our analysis. By integrating these insights, we aim to deliver an objective, professional perspective on the current market trends.