ASX: SCENTRE GROUP – SCG Elliott Wave Analysis TradingLounge Day Chart
Greetings! In today’s Elliott Wave analysis, we focus on SCENTRE GROUP (SCG) listed on the Australian Stock Exchange (ASX). Our study suggests a potential bullish market scenario developing in Wave 3-grey for SCG.ASX. However, further confirmation is required before the pattern unfolds completely.
ASX: SCENTRE GROUP – SCG 1D Chart (Semilog Scale) Analysis
SCG Elliott Wave Technical Analysis
Function: Major Trend (Intermediate Degree, Orange)
Mode: Motive
Structure: Impulse
Position: Wave 2-grey of Wave (3)-orange
Details: Wave 1-grey has completed, and Wave 2-grey is in progress, expected to push lower. A possible target range is between 3.40 and 3.28. If the price falls below 3.14, it will necessitate a reevaluation of the wave structure. On the other hand, if the price moves above the end of Wave ((b))-navy, it indicates the beginning of Wave 3-grey.
Invalidation Point: 3.14
ASX: SCENTRE GROUP – SCG 4-Hour Chart Analysis
Function: Major Trend (Minute Degree, Navy)
Mode: Motive
Structure: Impulse
Position: Wave ((c))-navy of Wave 2-grey
Details:
Wave 2-grey is unfolding as a Zigzag labeled ((a))((b))((c))-navy. Currently, Wave ((c))-navy is extending lower. A break below 3.28 would confirm increased bearish pressure and demand reassessment. Conversely, a move above Wave ((b))-navy suggests that Wave 3-grey is ready to take shape.
Invalidation Point: 3.14
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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Conclusion
Our Elliott Wave analysis for ASX: SCENTRE GROUP – SCG provides actionable insights into ongoing trends and key price levels. The identified validation and invalidation points serve as crucial indicators for confirming our wave counts and their implications for market movements. These details offer traders and investors a professional framework to navigate market opportunities effectively.