ASX: INSURANCE AUSTRALIA GROUP LIMITED (IAG) Elliott Wave Technical Analysis | TradingLounge
Introduction
Welcome to today’s Elliott Wave analysis, focusing on the Australian Stock Exchange (ASX) and INSURANCE AUSTRALIA GROUP LIMITED (ASX:IAG). Our current wave analysis suggests that ASX:IAG may continue its downward trajectory with wave ((4))-navy in the near term. Below, we provide a detailed breakdown of our technical observations.
ASX: IAG 1D Chart Analysis (Semilog Scale)
IAG Elliott Wave Technical Analysis
Function: Major trend (Intermediate degree, orange)
Mode: Motive
Structure: Impulse
Position: Wave ((4))-navy
Details:
- Wave ((3))-navy has likely concluded as a five-wave sequence, progressing from (1)-orange to (5)-orange.
- Wave ((4))-navy appears to be moving lower, with a probable target near the 7.25 low.
- To maintain this view, prices must stay below the 8.60 high.
Invalidation Point: 8.60
ASX:IAG 4-Hour Chart Analysis
Function: Major trend (Intermediate degree, orange)
Mode: Motive
Structure: Impulse
Position: Wave (C)-orange of Wave ((4))-navy
Details:
- A closer examination shows that wave ((4))-navy is unfolding as a Zigzag pattern labeled (A)(B)(C)-orange.
- Alternatively, it might develop as a (1)(2)(3)-orange structure, although this distinction does not significantly impact the expectation of further downward movement.
- The price action continues to suggest bearish momentum.
Invalidation Point: 8.60
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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Conclusion
This Elliott Wave analysis for ASX: INSURANCE AUSTRALIA GROUP LIMITED (ASX:IAG) highlights current market dynamics and actionable insights. Our forecast includes specific price levels for validation and invalidation of the wave count, adding clarity and confidence to the analysis. By leveraging these structured observations, traders can better navigate the market trends with precision and objectivity.