NEWS CORPORATION (NWS) – Elliott Wave Technical Analysis – TradingLounge
Greetings,
Today’s Elliott Wave analysis highlights News Corporation (ASX:NWS) on the Australian Stock Exchange (ASX). Based on current chart patterns, NWS stock is progressing through a corrective wave phase, often succeeded by a motive wave that can signal upcoming bullish momentum. This report provides a technical outlook based on Elliott Wave principles for short- and long-term trading strategies.
NEWS CORPORATION (NWS) – 1D Chart – Semilog Scale Overview
Function: Major Trend (Primary Degree, Navy)
Mode: Motive
Structure: Impulse
Position: Wave (1) – Orange of Wave ((C)) – Navy
Technical Breakdown:
- The recent five-wave impulse structure looks complete near the resistance level of 56.62.
- A corrective ABC wave pattern is forming at the navy degree, indicating downward momentum may persist.
- The projected target for this decline is estimated around the support zone of 41.175.
- Elliott Wave invalidation level: 49.840. If price exceeds this, the wave count may require adjustment.
NEWS CORPORATION (NWS) – 4-Hour Chart – Short-Term Wave Count
Function: Major Trend (Minute Degree, Navy)
Mode: Motive
Structure: Impulse
Position: Wave (1) – Orange of Wave ((C)) – Navy
Technical Breakdown:
- Since the price hit 49.84, wave ((C)) navy has been trending downward.
- Within it, wave (1) orange is nearly finished.
- A minor rebound in wave (2) orange is expected before the market resumes its fall into wave (3) orange.
- The invalidation level remains at 49.84 for this intraday structure.
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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Conclusion:
This Elliott Wave technical analysis for ASX:NWS identifies the current trend and anticipates potential movements in News Corporation shares. Defined validation and invalidation levels offer enhanced confidence for traders utilizing wave theory. This structured approach helps refine trading decisions by mapping clear directional bias in line with market behavior.