ASX: Macquarie Group Limited (MQG) Elliott Wave Technical Analysis
Overview
Today's Elliott Wave analysis delivers an updated outlook on Macquarie Group Limited (ASX: MQG).
Our latest assessment suggests that MQG stock is nearing the final phase of Wave Four, unfolding as a flat pattern. This presents a potential bullish opportunity in Wave Five. Key price levels are highlighted to help traders assess trend validation or potential reversals.
ASX: MQG 1D Chart (Semilog Scale) – Elliott Wave Analysis
Function: Major Trend (Minute Degree, Navy)
Mode: Motive
Structure: Impulse
Position: Wave v-grey of Wave (c)-orange of Wave ((iv))-navy
Analysis:
- Wave ((iii))-navy recently concluded with a five-wave structure.
- Wave ((iv))-navy is unfolding as a Flat (a)-(b)-(c) formation (orange).
- Wave (c)-orange remains in progress, targeting 211.92 or slightly lower.
- A break above 232.59 would serve as the first signal that Wave ((v))-navy is initiating an upward move.
Key Levels:
- Invalidation Point: The end of Wave (b)-orange.
- Confirmation Point: 232.590.
ASX: MQG 4H Chart – Elliott Wave Analysis
Function: Major Trend (Minute Degree, Navy)
Mode: Motive
Structure: Impulse
Position: Wave v-grey of Wave (c)-orange of Wave ((iv))-navy
Analysis:
- No significant changes observed on the 4-hour timeframe.
- Wave (c)-orange maintains its five-wave formation, labeled i-grey to v-grey, continuing its downward movement.
Key Levels:
- Invalidation Point: The end of Wave (b)-orange.
- Confirmation Point: 232.590.
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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See Previous: ASX LIMITED Elliott Wave Technical Analysis
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Conclusion
Our Elliott Wave analysis for ASX: Macquarie Group Limited (MQG) provides a clear technical outlook on the current market structure. By pinpointing crucial price levels, traders can enhance their decision-making strategies.
The analysis remains objective and data-driven, ensuring a professional assessment of ASX-listed stocks.