ASX: GOODMAN GROUP – GMG Elliott Wave Technical Analysis TradingLounge
Greetings! This Elliott Wave analysis focuses on the Australian Stock Exchange (ASX) GOODMAN GROUP – GMG. Our assessment suggests ASX:GMG is trending lower with wave (iv)-orange and may potentially advance higher with wave (v)-orange. The report highlights key points to identify when a bullish trend begins or a bearish trend becomes invalid.
ASX: GOODMAN GROUP – GMG 1D Chart (Semilog Scale) Analysis
Function: Major Trend (Subminuette degree, grey)
Mode: Motive
Structure: Impulse
Position: Wave (iv)-orange
Details:
- Wave (iii)-orange appears to have completed.
- Wave (iv)-orange is unfolding downward, with a potential target near 31.73.
- A movement above 39.43 will require reevaluation of the bearish outlook.
Key Points:
- Target Area: Around 31.73 for wave (iv)-orange.
- Invalidation Point: 39.43.
- Bullish Signal: Price action above 39.43.
ASX: GOODMAN GROUP – GMG 4-Hour Chart Analysis
Function: Major Trend (Subminuette degree, grey)
Mode: Motive
Structure: Impulse
Position: Wave b-grey of Wave (iv)-orange
Details:
- The 4-hour chart remains consistent with the 1D chart analysis.
- Wave (iv)-orange continues downward, with wave b-grey advancing slightly higher.
- Expectation of wave c-grey completing the corrective phase within wave (iv)-orange.
Key Points:
- Target Area: Continuation of downward trend within wave (iv)-orange.
- Invalidation Point: 39.43.
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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Conclusion
This Elliott Wave analysis offers actionable insights into ASX: GOODMAN GROUP – GMG market trends. By providing specific validation and invalidation price points, our outlook aims to enhance trading confidence. The focus remains on identifying short-term opportunities while maintaining an objective, professional perspective on broader market trends.