ASX: COMMONWEALTH BANK OF AUSTRALIA - CBA Elliott Wave Technical Analysis
Greetings,
Our updated Elliott Wave analysis focuses on the Australian Stock Exchange (ASX), with a deep dive into COMMONWEALTH BANK OF AUSTRALIA (CBA).
We anticipate continued bullish momentum in ASX:CBA, with Wave Three currently in progress. This forecast outlines target levels, key price points, and invalidation zones to assess when this view remains valid.
ASX: COMMONWEALTH BANK OF AUSTRALIA - CBA Elliott Wave Technical Analysis (1D Chart - Semilog Scale)
Function:
Major Trend: Minor degree (grey)
Mode: Motive
Structure: Impulse
Position: Wave ((iii)) - navy of Wave 5 - grey
Details:
- Wave 5 (grey) is extending, with subwaves ((i)), ((ii)) (navy) unfolding.
- Since the low at 151.00, wave ((iii)) (navy) is gaining momentum, confirming a short-term bullish outlook.
- Next Target: 200.00
- Invalidation Level: 151.00
ASX: COMMONWEALTH BANK OF AUSTRALIA - CBA Elliott Wave Technical Analysis (4-Hour Chart)
Function:
Major Trend: Minor degree (grey)
Mode: Motive
Structure: Impulse
Position: Wave (iii) - orange of Wave ((iii)) - navy of Wave 5 - grey
Details:
- Within wave ((iii)) (navy), we confirm subwaves (i), (ii) (orange) have completed.
- Wave (iii) (orange) is now gaining strength, pushing toward higher price levels.
- Next Target Levels: 173.98 and potentially 180.00
- Key Invalidation Level: 156.17
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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Conclusion:
This Elliott Wave analysis of ASX: COMMONWEALTH BANK OF AUSTRALIA (CBA) provides key insights into current market trends, helping traders optimize their investment strategies.
By identifying critical price levels that confirm or invalidate the Elliott Wave count, this analysis enhances forecast reliability. Our goal is to deliver a precise, professional, and data-driven outlook on the ASX stock market trends.