ASX: SCENTRE GROUP – SCG Elliott Wave Technical Analysis
Greetings, Our Elliott Wave analysis for today highlights an updated view of the Australian Stock Exchange (ASX), specifically analyzing SCENTRE GROUP – SCG.
We project upside potential for ASX: SCG in the near term. The short-term outlook emphasizes monitoring for a pullback within the second wave to pinpoint high-quality long-trade setups. This analysis equips traders with insights on when to stay out, when to enter positions, and how to approach trading systematically and intuitively.
ASX: SCENTRE GROUP – SCG Elliott Wave Analysis TradingLounge (1D Chart)
SCG 1D Chart (Semilog Scale) Analysis
Function: Major Trend (Intermediate degree, orange)
Mode: Motive
Structure: Impulse
Position: Wave (3) - orange
Details:
Wave (2) - orange likely ended as a Zigzag near the low of 3.37, setting the stage for the development of Wave (3) - orange, which is identified as an Extended Wave.
Currently, Wave 1 - grey is forming within Wave (3) - orange.
Invalidation Point: 3.37
ASX: SCENTRE GROUP – SCG Elliott Wave Analysis (4-Hour Chart)
ASX: SCENTRE GROUP TradingLounge 4-Hour Chart Analysis
Function: Major Trend (Minute degree, navy)
Mode: Motive
Structure: Impulse
Position: Wave 1 - grey of Wave (3) - orange
Details: The short-term outlook suggests that Wave 1 - grey of Wave (3) - orange is nearing its completion.
A pullback in Wave 2 - grey is anticipated shortly, presenting a significant opportunity to identify Long Trade Setups.
Invalidation Point: 3.37
Key Point: Focus on Wave b of Wave 2 - grey
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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Conclusion
Our analysis of ASX: SCENTRE GROUP – SCG emphasizes short-term and contextual trends, offering actionable insights into the current market movements. The forecast provides specific price levels to validate or invalidate the wave count, boosting confidence in the outlook. With these key elements, traders can adopt an informed and professional approach to navigating market trends effectively.