ASX: Westpac Banking Corporation (WBC) Elliott Wave Technical Analysis
Greetings, traders and investors! This Elliott Wave analysis updates the outlook for the Australian Stock Exchange (ASX), focusing on Westpac Banking Corporation (WBC). Based on the current wave patterns, WBC.ASX is likely advancing within wave iii-grey of wave (v)-orange.
ASX: Westpac Banking Corporation (WBC) - 1D Chart Analysis (Semilog Scale)
Function: Major Trend (Minute Degree, Green)
Mode: Motive
Structure: Impulse
Position: Wave iii-grey of Wave (v)-orange of Wave ((v))-navy
Key Insights:
Invalidation Point: 31.13
ASX: Westpac Banking Corporation (WBC) - 4-Hour Chart Analysis
Function: Major Trend (Minute Degree, Navy)
Mode: Motive
Structure: Impulse
Position: Wave iii-grey of Wave (v)-orange of Wave ((v))-navy of Wave A-grey
Key Insights:
-
The completion of wave (iv)-orange suggests wave (v)-orange is in progress, subdividing into smaller waves i, ii, and iii-grey.
- Wave iii-grey is anticipated to continue its upward momentum.
Invalidation Point: 31.13
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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Conclusion
This analysis provides a forecast for ASX: Westpac Banking Corporation (WBC), offering actionable insights into current market trends. Key validation and invalidation levels, such as 31.13, act as pivotal points to confirm or adjust our wave count. These insights are crafted to empower traders with the confidence to make informed decisions in the market.