ASX: RESMED INC - RMD Elliott Wave Technical Analysis | TradingLounge
Greetings, today's Elliott Wave analysis provides an updated outlook for ASX: RESMED INC - RMD, currently developing within an Extended Wave structure. The stock is positioned within the third wave of Wave 3 - Wave ((iii))-navy of Wave 3-grey, indicating strong potential for upward movement. This analysis offers key insights and critical price levels to maintain a bullish outlook.
ASX: RESMED INC - RMD 1D Chart (Semilog Scale) Analysis
Function: Major trend (Minor degree, grey)
Mode: Motive
Structure: Impulse
Position: Wave ((iii))-navy of Wave 3-grey
Details:
- The ongoing Wave 3-grey continues to develop as an Extended Wave, labeled as ((i))((ii))((iii))-navy.
- Recent price movements suggest that wave ((ii))-navy has completed, with wave ((iii))-navy initiating an upward trend from the recent low of 35.31, targeting a projected price of 50.00.
Invalidation Point: 35.31
ASX: RESMED INC - RMD 4-Hour Chart Analysis
Function: Major trend (Minute degree, navy)
Mode: Motive
Structure: Impulse
Position: Wave iii-grey of Wave (i)-orange of Wave ((iii))-navy
Details:
- The short-term outlook confirms the completion of wave ((ii))-navy, with wave ((iii))-navy progressing steadily from the 35.31 level.
- Currently, wave (i)-orange is likely nearing completion (not displayed on the chart), which consists of subwaves i-grey to v-grey.
- The advancing wave iii-grey indicates further bullish momentum, followed by potential upward movement with wave v-grey.
Invalidation Point: 35.31
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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Conclusion
Our Elliott Wave forecast and analysis of ASX: RESMED INC - RMD provide valuable insights into both short-term and long-term trends. This strategic approach allows investors to identify optimal entry and exit points based on key validation and invalidation price levels. By leveraging these insights, traders can gain greater confidence in their market positions and capitalize on emerging opportunities. Our goal is to present a clear, professional, and data-driven perspective on current market conditions.