S&P/ASX 200 Elliott Wave Analysis Trading Lounge Day Chart

S&P/ASX 200 Elliott Wave Technical Analysis

FUNCTION: Bullish Trend

MODE: Impulsive

STRUCTURE: Gray Wave 3

POSITION: Orange Wave 3

DIRECTION NEXT HIGHER DEGREES: Gray Wave 3 (initiated)

DETAILS: Gray Wave 2 appears completed, with Gray Wave 3 now in progress.

Wave Cancel Invalid Level: 7,066.9

The S&P/ASX 200 Day Chart Elliott Wave Analysis highlights a bullish trend forming in an impulsive mode, actively unfolding within Gray Wave 3. Following the apparent conclusion of Gray Wave 2, the chart now shows the emergence of Gray Wave 3, a phase typically associated with strong upward momentum.

Key Insights:

• Wave 3 Dynamics: According to Elliott Wave Theory, Wave 3 often signifies the most dynamic and forceful stage of an impulsive trend, characterized by rapid price movement.

• Positioning: The market is positioned within Orange Wave 3 of Gray Wave 3, which further emphasizes the impulsive nature of this phase and suggests a sustained upward trajectory.
• Corrective Dips: Given the robust momentum in Gray Wave 3, any short-term pullbacks are expected to be shallow, reinforcing the bullish outlook.

Critical Levels:

• Invalidation Threshold: The bullish wave structure remains valid as long as prices stay above 7,066.9. A breach of this level would necessitate a reevaluation of the current wave count.

Summary:

The S&P/ASX 200 Day Chart analysis confirms a strong bullish trend, progressing in an impulsive Gray Wave 3 phase. Positioned in Orange Wave 3, the market is primed for further gains with minimal corrections, consistent with a typical Wave 3 scenario. The 7,066.9 invalidation level serves as a pivotal marker, ensuring the current wave structure remains intact.

S&P/ASX 200 Elliott Wave Analysis Trading Lounge Weekly Chart

S&P/ASX 200 Elliott Wave Technical Analysis

FUNCTION: Bullish Trend

MODE: Impulsive

STRUCTURE: Gray Wave 3

POSITION: Orange Wave 3

DIRECTION NEXT HIGHER DEGREES: Gray Wave 3 (initiated)

DETAILS: Gray Wave 2 appears completed, with Gray Wave 3 now active.

Wave Cancel Invalid Level: 7,066.9

The S&P/ASX 200 Weekly Chart Elliott Wave Analysis indicates a bullish trend, driven by an impulsive pattern in Gray Wave 3. The completion of Gray Wave 2 has set the stage for the ongoing development of Gray Wave 3, reflecting strong directional momentum.

Key Insights:

• Wave 3 Characteristics: In Elliott Wave Theory, Wave 3 is often the most dominant phase in an impulsive sequence, showcasing robust price action and sustained buying pressure.

• Orange Wave 3 Role: Within Gray Wave 3, Orange Wave 3 signifies heightened investor confidence and increased upward movement, typically leading to the formation of new highs.
• Minor Pullbacks: Any corrective dips during this phase are expected to be brief and shallow, aligning with the bullish momentum.

Critical Levels:

• Invalidation Threshold: The bullish trend remains intact as long as the price holds above 7,066.9. A drop below this level would invalidate the current wave structure and prompt a reassessment of the count.

Summary:

The S&P/ASX 200 Weekly Chart analysis supports a bullish trend within an impulsive Gray Wave 3 phase. Positioned in Orange Wave 3, the chart signals ongoing upward momentum with the potential for significant gains. The 7,066.9 invalidation level acts as a critical support level, ensuring the wave count's validity and reinforcing the bullish outlook.

Technical Analyst: Malik Awais

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