21Jan

Elliott Wave Analysis of Westpac Banking Corporation (WBC) – ASX Stock Forecast, Key Price Levels, and Investment Insights

ASX: WESTPAC BANKING CORPORATION - WBC Elliott Wave Technical Analysis | TradingLounge

Greetings, our latest Elliott Wave analysis for the Australian Stock Exchange (ASX) focuses on WESTPAC BANKING CORPORATION (ASX: WBC). Our technical evaluation suggests that ASX: WBC may have completed a Triangle pattern, positioning the stock for potential upward movement on Thursday. This analysis outlines key price levels that can confirm or invalidate this perspective and highlight when a bullish trend confirmation is likely.


ASX: WESTPAC BANKING CORPORATION - WBC 1D Chart (Semilog Scale) Analysis

Function: Major trend (Minute degree, navy)

Mode: Motive

Structure: Impulse

Position: Wave (v)-orange of Wave ((v))-navy

Key Insights:

We observe a completed Triangle pattern, with the fourth wave reaching a low of 31.59, followed by the formation of the (v)-orange wave, which is expected to push higher. The price target is around 36.49, or potentially the upper boundary of the price channel. However, the price must stay above 31.59 to validate this outlook.

  • Invalidation point: 31.59

WESTPAC-BANKING-CORP...


ASX: WESTPAC BANKING CORPORATION - WBC 4-Hour Chart Analysis

Function: Major trend (Minor degree, grey)

Mode: Motive

Structure: Impulse

Position: Wave (v)-orange

Key Insights:

Recent price action confirms that the push above 33.60, marking the end of the d-grey wave in the Triangle pattern, strengthens the case for a completed formation. The subsequent fifth wave is anticipated to unfold, further supporting the bullish outlook.

  • Invalidation point: 31.59
  • Confirmation point: 33.60

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

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

See Previous: LIGHT & WONDER INC. – LNW Elliott Wave Technical Analysis

VALUE Offer - Buy 1 Month & Get 3 Months!Click here

Access 7 Analysts Over 200 Markets Covered. Chat Room With Support

WESTPAC-BANKING-CORP...


Conclusion

Our Elliott Wave analysis and forecast for ASX: WESTPAC BANKING CORPORATION (WBC) provide valuable insights into current market conditions and actionable strategies. The outlined price levels serve as essential validation and invalidation references for the wave count, increasing confidence in our perspective. By leveraging these insights, traders and investors can better navigate market movements with an informed, professional approach.

Related

Elliott Wave Analysis of ASX: RMD ResMed Inc. Stock Performance, Financial Trends and Investment Opportunities

Elliott Wave Analysis of ASX: RMD ResMed Inc. Stock Performance, Financial Trends and Investment Opportunities

ResMed Inc. (ASX: RMD) stock performance, including price analysis, financials, dividend insights, a...

Read More >
WTI Price Predictions, and Trading Strategies to navigate the oil Market effectively: Crudeoil Commodity Elliott Wave Technical Analysis

WTI Price Predictions, and Trading Strategies to navigate the oil Market effectively: Crudeoil Commodity Elliott Wave Technical Analysis

Discover the comprehensive analysis of WTI crude oil with our Elliott Wave technical forecast. Under...

Read More >
Bitcoin / U.S. dollar(BTCUSD) Elliott Wave Technical Analysis 27 November 23

Bitcoin / U.S. dollar(BTCUSD) Elliott Wave Technical Analysis 27 November 23

Bitcoin/U.S. dollar(BTCUSD) Elliott Wave Technical Analysis on 27 November 23 with BTCUSD Analysis D...

Read More >
Completion of corrective phases: Australian Dollar/Japanese Yen (AUDJPY) Elliott Wave Technical Analysis

Completion of corrective phases: Australian Dollar/Japanese Yen (AUDJPY) Elliott Wave Technical Analysis

The AUDJPY Elliott Wave Analysis for 29th February 2024 provides a detailed examination of both the ...

Read More >
Forex Trading for U.S.Dollar and Swiss Franc Currency Pair: USDCHF Elliott Wave Technical Analysis

Forex Trading for U.S.Dollar and Swiss Franc Currency Pair: USDCHF Elliott Wave Technical Analysis

This article provides an in-depth USDCHF Elliott Wave analysis, covering both daily and 4-hour chart...

Read More >
The Home Depot (HD) Elliott Wave Analysis: Stock Forecast, Technical Insights and Market Trends for Smart Trading Strategies

The Home Depot (HD) Elliott Wave Analysis: Stock Forecast, Technical Insights and Market Trends for Smart Trading Strategies

The Home Depot (HD) Elliott Wave analysis, providing a detailed stock forecast and technical breakdo...

Read More >

Buy 1 Month

Get 3 Months!

Special Offer:

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering:

  • Stock Trades
  • Crypto Trades
  • Forex Trades
  • Commodity Trades
Elliott Wave Analysis

Gain a competive edge with expert insights in to:

  • Global Indices
  • US Stocks & ASX Stocks
  • Forex & Crypto
  • Commodities
Top-Notch Trading Tools

Equip yourself with the tools of success:

  • Social Chat
  • Elliott Wave Algorithm
  • Screener
  • TradingLevels
  • Trading Game
7 Elliott Wave Analysts

Stay ahead of the market with daily charts and insightful videos
-Your secret to strategic trading!

JOIN HERE


Welcome to TradingLounge (ASIC A.R.No. 321187), specialists in trades, trading education and technical analysis, covering stocks, indices, commodities, forex and cryptocurrencies.

When you join TradingLounge you have access to everything we offer, including trade tools, educational content and a social platform to chat with like-minded investors.

Read more

@Copyright 2024 by tradinglounge.com

Contact Us

Australian no: 02 4787 6020

International no: +61 (2) 47876020

Pay with:

Find us on