ASX: COLES GROUP LIMITED. – COL Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)
Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with COLES GROUP LIMITED. – COL. In our ASX Stocks Top 50 forecast service, we have accurately forecast a price decline from a high of around 17.15 down to around 16.00 at the current low. And we are now identifying COL could move higher in the short-term outlook.
ASX: COLES GROUP LIMITED. – COL Elliott Wave Technical Analysis
ASX: COLES GROUP LIMITED. – COL 1D Chart (Semilog Scale) Analysis
Function: Counter trend (Minute degree, green)
Mode: Corrective
Structure: Double Zigzag
Position: Wave (b)-purple of Wave ((y))-green
Latest forecast: Accurate forecast
Details: The short-term outlook indicates that wave ((y))-green is unfolding as a Zigzag and wave (a)-purple has ended. Therefore, wave (b)-purple is expected to continue pushing lower, seeking support around 16.01 - 15.71 before wave (c)-purple returns to rise higher. Pushing higher off 17.15 would renew the bull market view.
Invalidation point: 15.35
ASX: COLES GROUP LIMITED. – COL Elliott Wave Technical Analysis TradingLounge (4-Hour Chart)
ASX: COLES GROUP LIMITED. – COL Elliott Wave Technical Analysis
ASX: COLES GROUP LIMITED. – COL 4-Hour Chart Analysis
Function: Counter trend (Minute degree, green)
Mode: Motive
Structure: Impulse
Position: Wave (c)-purple of Wave ((y))-green
Details: The shorter-term outlook suggests it appears the (b)-purple wave has bottomed, but a move higher than level 16.5 is needed to confirm this outlook. If this forecast is correct, wave (c)-purple will be opened to continue pushing higher, aiming for higher targets.
Invalidation point: 15.37
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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Conclusion:
Our analysis, forecast of contextual trends, and short-term outlook for ASX: COLES GROUP LIMITED. – COL aim to provide readers with insights into the current market trends and how to capitalize on them effectively. We offer specific price points that act as validation or invalidation signals for our wave count, enhancing confidence in our perspective. By combining these factors, we strive to offer readers the most objective and professional perspective on market trends.