ASX: WASHINGTON H SOUL PATTINSON & COMPANY LIMITED - SOL Elliott Wave Technical Analysis TradingLounge
Greetings:
Today's Elliott Wave analysis focuses on the Australian Stock Exchange (ASX) for WASHINGTON H SOUL PATTINSON & COMPANY LIMITED (SOL). Our outlook suggests significant upside potential for ASX:SOL with the development of wave 3-grey.
ASX: WASHINGTON H SOUL PATTINSON & COMPANY LIMITED - SOL 1D Chart (Semilog Scale) Analysis
Function: Major trend (Minor degree, grey)
Mode: Motive
Structure: Impulse
Position: Wave 3-grey of Wave (3)-orange
Details:
Wave 2-grey appears to have concluded as an Expanded Flat, labeled ((a)), ((b)), ((c))-navy, bottoming out around 32.52. This indicates that wave 3-grey could be in progress, pushing the price significantly higher.
- Invalidation Point: 32.52
ASX: WASHINGTON H SOUL PATTINSON & COMPANY LIMITED - SOL 4-Hour Chart Analysis
Function: Major trend (Minor degree, grey)
Mode: Motive
Structure: Impulse
Position: Wave ((iii))-navy of Wave 3-grey
Details:
Since the low at 32.52, wave ((i))-navy seems to have concluded as a Leading Diagonal, labeled from wave (i)-orange to wave (v)-orange. Following this, wave ((ii))-navy is moving lower. Typically, diagonals are succeeded by strong impulsive movements, but such signals have yet to materialize, raising questions about whether wave ((iii))-navy is actively unfolding. Confirmation may take a few more days, requiring the price to remain above 34.35 to uphold the current uptrend.
- Invalidation Point: 34.35
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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Conclusion
This analysis provides an updated forecast and insight into the contextual and short-term trends for ASX: WASHINGTON H SOUL PATTINSON & COMPANY LIMITED - SOL. By highlighting specific price points for validation and invalidation, we aim to boost the reliability of our wave count and market outlook. These insights are intended to empower traders with an objective and actionable understanding of market dynamics.