ASX: WISETECH GLOBAL LIMITED - WTC Elliott Wave Technical Analysis
Greetings, our updated Elliott Wave analysis focuses on the Australian Stock Exchange (ASX) and WISETECH GLOBAL LIMITED (ASX:WTC). The stock appears to continue its upward momentum within a 5-grey wave pattern.
ASX: WISETECH GLOBAL LIMITED - WTC 1D Chart (Semilog Scale) Analysis
Function: Major trend (Minor degree, grey)
Mode: Motive
Structure: Impulse
Position: Wave 5-grey of Wave (3)-orange of Wave ((1))-navy
Details:
Wave 4-grey seems to have concluded around the 97.90 mark, setting the stage for wave 5-grey to progress further upward.
ASX: WISETECH GLOBAL LIMITED - WTC 4-Hour Chart Analysis
Function: Major trend (Minor degree, grey)
Mode: Motive
Structure: Impulse
Position: Wave ((iii))-navy of Wave 5-grey
Details:
A closer examination suggests wave 4-grey likely ended at 97.90, initiating wave 5-grey. This wave is subdividing further into smaller waves ((i)) and ((ii))-navy, both of which appear to have completed. Following the low at 112.12, wave ((iii))-navy seems to be taking shape as it moves higher.
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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Conclusion
This analysis aims to provide valuable insights into the ongoing market trends for ASX: WISETECH GLOBAL LIMITED (WTC). By identifying critical price levels that validate or invalidate our Elliott Wave count, we ensure an objective view of the stock's potential movements. This approach helps traders effectively interpret market trends and make informed decisions with enhanced confidence.