30Apr

ASX: CAR GROUP LIMITED – CAR Stock Analysis & Elliott Wave Technical Analysis Suggests Wave Correction Completes

ASX: CAR GROUP LIMITED – CAR Elliott Wave Technical Analysis – TradingLounge (Daily Chart)

Welcome!
Today’s Elliott Wave analysis focuses on CAR GROUP LIMITED (ASX: CAR). Based on our technical outlook, the stock appears to have completed a wave (4) – orange Zigzag correction, suggesting the potential beginning of a bullish wave (5) movement. Below, we provide key price levels and trend projections.

ASX: CAR GROUP LIMITED Elliott Wave Analysis – TradingLounge (Daily Chart)

ASX: CAR GROUP LIMITED 1d Chart – Technical Overview (Semilog Scale)

Trend Type: Intermediate (Orange Degree)

Wave Mode: Motive

Structure Type: Impulse

Current Position: Wave ii)) navy of Wave (5) orange

Details:
Wave (4) – orange likely concluded after declining from the 42.71 high to a low of 28.40 in a classic A-B-C Zigzag formation (grey). The C wave clearly subdivided into five smaller waves, indicating completion. This opens the door for wave (5) – orange to advance. The initial move, wave i)) – navy, is complete. Currently, wave ii)) – navy is unfolding and may dip slightly further before wave iii)) – navy resumes the upward trend.

Invalidation Point: 28.40 – A price drop below this level would invalidate the current bullish wave count.

CAR-ASX-Day-Chart-30...


ASX: CAR GROUP LIMITED Elliott Wave Analysis – TradingLounge (4-Hour Chart)

Trend Type: Minor (Grey Degree)

Wave Mode: Motive

Structure Type: Impulse

Current Position: Wave ((ii)) navy of Wave (5) orange

Details:
Following the low at 28.40, the stock initiated wave i)) – navy, which has now completed. The market is currently correcting in wave ii)) – navy, which is still in progress. Once this retracement completes, wave iii)) – navy is expected to push higher, potentially revisiting the prior swing high near 41.30.

Invalidation Point: 28.40 – Price must stay above this support level to maintain the current bullish Elliott Wave forecast.

Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).

Source: Visit Tradinglounge.com and learn from the Experts. Join TradingLounge Here 

See Previous: IAG Elliott Wave Technical Analysis

VALUE Offer - Buy 1 Month & Get 3 Months!Click here

Access 7 Analysts Over 200 Markets Covered. Chat Room With Support

CAR-ASX-4h-Chart-300...


Conclusion
Our Elliott Wave analysis for CAR GROUP LIMITED (ASX: CAR) identifies key trend phases and invalidation levels to guide strategic trading. With a completed correction and a developing impulse structure, the setup provides a roadmap for potential upside—supported by precise price validation points for confidence in trading execution.

Related

Cocoa Commodity Elliott Wave Technical Analysis:  In-Depth Market Trends and Price Forecast

Cocoa Commodity Elliott Wave Technical Analysis: In-Depth Market Trends and Price Forecast

This article provides an in-depth analysis of the cocoa market, focusing on price trends and forecas...

Read More >
Polkadot Forecast and DOTUSD Elliott Wave Analysis, Confirming Bullish Breakout and Trend Continuation from Fibonacci Zone

Polkadot Forecast and DOTUSD Elliott Wave Analysis, Confirming Bullish Breakout and Trend Continuation from Fibonacci Zone

Polkadot (DOT) is showing bullish momentum, entering wave 3 after a Zigzag correction. Elliott Wave ...

Read More >
Learn about BXB Stock Trends, and What to Expect in Upcoming Sessions: Brambles Limited Elliott Wave Technical Forecast

Learn about BXB Stock Trends, and What to Expect in Upcoming Sessions: Brambles Limited Elliott Wave Technical Forecast

Our detailed Elliott Wave analysis on Brambles Limited (BXB) provides traders with key insights into...

Read More >
Latest KOSPI Composite Elliott Wave Analysis with Trading Strategies, Market Trends, Bullish Forecast, and Investing Insights

Latest KOSPI Composite Elliott Wave Analysis with Trading Strategies, Market Trends, Bullish Forecast, and Investing Insights

Get an updated Elliott Wave analysis for KOSPI Composite, including trading strategies, market trend...

Read More >
 Bitcoin Elliott Wave Analysis: BTCUSD Chart Breakdown for Optimized Trading Strategies and Accurate Price Predictions

Bitcoin Elliott Wave Analysis: BTCUSD Chart Breakdown for Optimized Trading Strategies and Accurate Price Predictions

This analysis provides an in-depth look at Bitcoin's Elliott Wave patterns, focusing on BTCUSD&#...

Read More >
Elliott Wave Technical Analysis of AAVE/USD: Navigating the Wave Patterns for Strategic Trading

Elliott Wave Technical Analysis of AAVE/USD: Navigating the Wave Patterns for Strategic Trading

This article provides an in-depth Elliott Wave Analysis of the AAVE/USD cryptocurrency pair, offerin...

Read More >

$1 for 2 Weeks

then $29 a month!

What a Special Offer!

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering 250+ markets:

  • Stock Trades
  • Crypto Trades
  • Forex Trades
  • Commodity Trades
Elliott Wave Analysis

Gain a competitive edge with expert insights and AI-powered Elliott Wave charting into:

  • Global Indices
  • US Stocks & ASX Stocks
  • Forex & Crypto
  • Commodities
Top-Notch Trading Tools

Equip yourself with the tools of success:

  • Real-time Chat rooms
  • Elliott Wave Algorithm
  • Portfolio tools
  • TradingLevels
  • Screener
  • Trading Game
7 Elliott Wave Analysts

Stay ahead of the market with daily charts and insightful videos
Your secret to strategic trading!

JOIN HERE


Welcome to TradingLounge (ASIC A.R.No. 321187), specialists in trades, trading education and technical analysis, covering stocks, indices, commodities, forex and cryptocurrencies.

When you join TradingLounge you have access to everything we offer, including trade tools, educational content and a social platform to chat with like-minded investors.

Read more

@Copyright 2024 by tradinglounge.com

Contact Us

Australian no: 02 4787 6020

International no: +61 (2) 47876020

Pay with:

Find us on