ASX: IAG Elliott Wave Technical Analysis – Insurance Australia Group Limited – TradingLounge
Today’s updated Elliott Wave technical analysis focuses on Insurance Australia Group Limited (ASX:IAG), a major ASX-listed financial services stock. Current chart patterns indicate that ASX:IAG is finalizing a corrective B-grey wave, with signs pointing toward a potential decline in a new downward C-grey wave. The lack of upward momentum suggests that initiating a long position at this point carries elevated risk.
ASX: IAG – Elliott Wave Technical Analysis Chart Type: 1-Day (Semilog Scale)
Function: Major trend (Minor degree, grey)
Mode: Motive
Structure: Impulse
Position: Wave C-grey
Key Analysis Insights:
- Wave 3-orange ended with a classic five-wave structure.
- Wave 4-orange is taking shape as a downward Zigzag correction (A, B, C-grey).
- Wave A-grey is confirmed complete.
- Wave B-grey has likely ended as an Expanded Flat pattern.
- The market appears to be starting Wave C-grey with a downward trajectory, with an initial support target near 7.79.
Invalidation Level: 9.03 – Any move above this would invalidate the current bearish outlook.
ASX:IAG – Elliott Wave Technical Analysis – TradingLounge (4-Hour Chart)
ASX:IAG – Short-Term Elliott Wave Analysis (4H Chart)
Function: Major trend (Minor degree, grey)
Mode: Motive
Structure: Impulse
Position: Wave C-grey
Detailed Wave Breakdown:
- Both A-grey and B-grey waves have completed.
- Since topping at 9.03, Wave C-grey appears to be unfolding downward.
- The immediate price target stands at 7.79.
- Deeper price projections suggest possible support zones between 7.42 and 7.10.
Critical Invalidation Point: 9.03 – Price must remain under this level for the bearish count to remain valid.
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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Conclusion:
This Elliott Wave analysis on ASX:IAG provides a precise technical snapshot, highlighting essential support and resistance levels for traders. These key insights offer actionable guidance for risk management and strategic planning, supporting data-driven trading decisions in the current market context.