ASX: ANZ GROUP HOLDINGS LIMITED - ANZ Elliott Wave Technical Analysis
Greetings, and welcome to our Elliott Wave analysis. Today, we delve into the Australian Stock Exchange (ASX) focusing on ANZ GROUP HOLDINGS LIMITED (ASX:ANZ). Our insights indicate a strong likelihood of ASX:ANZ experiencing significant downside movement in the near future.
ASX: ANZ GROUP HOLDINGS LIMITED - ANZ 1D Chart (Semilog Scale) Analysis
Function: Major Trend (Intermediate degree, orange)
Mode: Motive
Structure: Impulse
Position: Wave ((a))-navy of Wave 4-orange
Details:
- The recent completion of Wave (3)-orange suggests the beginning of Wave (4)-orange, which appears to be heading significantly lower, with a potential target around 27.25.
- This development poses a risk to prior long trades, warranting a reconsideration of exit strategies with tighter stop-losses than initially planned.
Invalidation Point:
- The end of Wave (3)-orange serves as the critical invalidation level for this analysis.
ASX: ANZ GROUP HOLDINGS LIMITED - ANZ 4-Hour Chart Analysis
Function: Major Trend (Intermediate degree, orange)
Mode: Motive
Structure: Impulse
Position: Wave ((a))-navy of Wave (4)-orange
Details:
- The prolonged and weak development of the 5-grey wave suggests a Diagonal Ending pattern, further strengthening the probability of a sharp decline in ASX:ANZ prices.
- The projected target remains near the 27.25 low, consistent with the daily chart's outlook.
Invalidation Point:
- Similar to the daily chart, the end of Wave (3)-orange marks the invalidation threshold.
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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Conclusion
Our Elliott Wave analysis for ASX: ANZ GROUP HOLDINGS LIMITED highlights key contextual and short-term trends, offering actionable insights for traders. Specific price targets and invalidation points aim to increase confidence in our wave count, enhancing decision-making. Combining these elements ensures a clear and objective perspective on market dynamics, empowering traders to navigate trends effectively.