ASX: CAR GROUP LIMITED – CAR Elliott Wave Technical Analysis

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Greetings,
Today’s Elliott Wave update focuses on the Australian Stock Exchange (ASX) stock: CAR GROUP LIMITED (ASX:CAR).
Our latest Elliott Wave analysis indicates that ASX:CAR may have completed a corrective wave, identified as (4) - an orange Zigzag, suggesting a strong bullish setup to watch.
This short analysis highlights the emerging trend and identifies critical invalidation levels that are essential for this outlook.

ASX: CAR GROUP LIMITED – CAR 1D Chart (Semilog Scale) Analysis

Function: Major Trend (Intermediate Degree, Orange)

Mode: Motive

Structure: Impulse

Position: Wave ii)) - navy, Wave (5) - orange

Details:

• Wave (4) - orange began forming after the peak near 42.71 and likely ended at the low of 28.40, completing a Zigzag labeled A-B-C - grey.
• The wave C - grey displays a clear five-wave pattern, confirming its probable completion.
• Now, wave (5) - orange seems underway, with wave i)) - navy finalized.
• Currently, wave ii)) - navy is pulling back slightly but should finish soon, setting the stage for a bullish rally with wave iii)) - navy.

Invalidation Point:
28.40 (The price must stay above this level to validate the current bullish outlook.)

ASX: CAR GROUP LIMITED – CAR 4-Hour Chart Analysis

Function: Major Trend (Minor Degree, Grey)

Mode: Motive

Structure: Impulse

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

Details:

• Starting from the 28.40 low, wave i)) - navy developed and completed successfully.
• Currently, wave ii)) - navy is progressing, pulling the price slightly lower.
• Upon completion, wave iii)) - navy is expected to drive the price higher, potentially aiming for the previous high near 41.30.

Invalidation Point:
28.40 (The price must remain above this critical level to support the bullish count.)

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

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Conclusion

Our analysis for ASX: CAR GROUP LIMITED – CAR offers a structured view of current market conditions and future trends.
We highlight key levels that validate or invalidate our wave structure to strengthen confidence in the analysis.
By providing detailed insights and a professional perspective, we aim to assist readers in trading effectively and objectively.