Wesfarmers Limited – WES Elliott Wave Analysis TradingLounge 1D Chart
ASX: WES Elliott Wave Analysis Update
Our Elliott Wave analysis for WESFARMERS LIMITED (ASX: WES) highlights the potential for a continued upward push in a ((iii))-navy wave. Below is a detailed breakdown of the technical analysis.
ASX: WESFARMERS LIMITED – WES 1D Chart Analysis (Semilog Scale)
WES Elliott Wave Technical Analysis
Function: Major trend (Minute degree, navy)
Mode: Motive
Structure: Impulse
Position: Wave 5-grey of Wave (3)-orange
Key Details: Wave 4-grey concluded at 66.27, with Wave 5-grey now unfolding to move significantly higher.
Target Zone: 77.17 - 80.00
Invalidation Point: 69.14
ASX: WESFARMERS LIMITED – WES 4-Hour Chart Analysis
Function: Major trend (Minute degree, navy)
Mode: Motive
Structure: Impulse
Position: Wave ((iii))-navy of Wave 5-grey
Key Details:
- Following the low at 66.27, Wave 5-grey is advancing and subdividing further.
- Subdivisions of Wave 5-grey include Wave ((i)) and ((ii))-navy, which have likely concluded.
- Wave ((iii))-navy is now in progress and heading toward the targets identified in the 1D chart analysis.
Critical Support: Price must remain above 69.14 to sustain this wave structure and bullish outlook.
Invalidation Point: 69.14
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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Conclusion
This analysis provides a comprehensive forecast and identifies critical levels for ASX: WESFARMERS LIMITED – WES.
- Key Targets: Our projections for Wave 5-grey point to 77.17 - 80.00, contingent on the price holding above the invalidation level at 69.14.
- Trading Strategy: By focusing on the Elliott Wave structure and key price points, traders can enhance decision-making with clear validation and invalidation signals.
Through this approach, our goal is to empower traders with professional and actionable insights into market trends and price movements.