ASX: ASX LIMITED – Elliott Wave Technical Analysis TradingLounge

Greetings! This Elliott Wave analysis provides an updated perspective on the Australian Stock Exchange (ASX) ASX LIMITED. Our analysis suggests that ASX LIMITED may experience further downward movement in wave ((ii))-navy before wave ((iii))-navy potentially ascends.

ASX: ASX LIMITED – ASX 1D Chart (Semilog Scale) Analysis

Function: Major (Minor degree, gray)

Mode: Motive

Structure: Impulse

Position: Wave ((ii))-navy of Wave 3-gray

Details:

• Wave ((ii))-navy appears to be pushing lower, potentially targeting the 62.87 level.
• After reaching support at lower levels, wave ((iii))-navy is likely to emerge, signaling a bullish opportunity.
• Traders could consider going long once the price tests and confirms support around the Medium Level of 65.00.

Invalidation Point: 56.54

ASX: ASX LIMITED – ASX 4-Hour Chart Analysis

Function: Major trend (Minor degree, gray)

Mode: Motive

Structure: Impulse

Position: Wave ((ii))-navy of Wave 3-gray

Details:

• Wave ((i))-navy has completed a five-wave pattern, indicating the initiation of wave ((ii))-navy.
• After the completion of the diagonal, wave ((ii))-navy is expected to decline significantly, with the next target estimated at 62.87.
• This decline is consistent with Elliott Wave principles, where corrections often follow impulse waves in diagonal structures.

Invalidation Point: 56.54

Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).

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Conclusion

This Elliott Wave analysis delivers actionable insights into ASX LIMITED's potential price movements. The current forecast highlights key levels for validation and invalidation, enhancing the accuracy of the wave count. By strategically combining these technical elements, traders can identify opportunities to capitalize on the market's momentum effectively.