ASX: INSURANCE AUSTRALIA GROUP LIMITED – IAG Elliott Wave Technical Analysis
Hello,
Today's Elliott Wave forecast focuses on Insurance Australia Group Limited (ASX:IAG), analyzing the current corrective pattern and short-term price expectations within the Australian share market.
Our updated analysis identifies ASX:IAG as continuing within a corrective wave formation. We anticipate a modest decline before a potential recovery move, aligning with our broader technical perspective.
ASX: INSURANCE AUSTRALIA GROUP LIMITED – IAG Elliott Wave Technical Analysis 1D Chart (Semilog Scale)
Trend Function: Major trend (Primary degree, navy)
Mode: Motive
Wave Structure: Impulse
Current Position: Wave B-grey of Wave (4)-orange
Details:
Wave (4)-orange is still unfolding lower after completing Wave (3)-orange. The movement could extend toward the 38.2% Fibonacci retracement level. Wave A-grey has already finished, with Wave B-grey showing slight upward momentum.
Invalidation Point: 7.40
ASX: INSURANCE AUSTRALIA GROUP LIMITED – IAG Elliott Wave Technical Analysis | TradingLounge (4-Hour Chart)
Trend Function: Major trend (Intermediate degree, orange)
Mode: Motive
Wave Structure: Impulse
Current Position: Wave ((c))-navy of Wave B-grey
Details:
Wave B-grey appears to be developing as a Flat correction, labeled ((a))((b))((c))-navy. With ((B))-navy complete, Wave ((c))-navy is now advancing, targeting the price region between 8.063 and 8.271. A drop below 7.400 would invalidate this count and suggest the beginning of Wave C-grey.
Invalidation Point: 7.40
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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Conclusion:
This technical breakdown of ASX: INSURANCE AUSTRALIA GROUP LIMITED – IAG provides insights into the ongoing wave count and potential price movements. The analysis includes key validation and invalidation levels to support trading decisions. We aim to offer a concise, data-driven outlook aligned with Elliott Wave principles for ASX traders and investors.