ASX: ASX LIMITED - ASX  Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with ASX LIMITED - ASX . We have determined that wave 2-red has ended, and wave 3-red can be opened to push higher.

ASX: ASX LIMITED - ASX  Elliott Wave Technical Analysis  

ASX: ASX LIMITED - ASX  1D Chart (Semilog Scale) Analysis

Function: Major (Minor degree, red)

Mode: Motive

Structure: Impulse

Position: Wave (iii)-purple of Wave 3-red

Details: The short-term outlook suggests that the 2-red wave has just concluded, and the 3-red wave may be ready to resume its upward movement. We are waiting for a smaller ABC Correction to have a good Long Trade Setup.

Invalidation point: 61.71

ASX: ASX LIMITED - ASX  Elliott Wave Technical Analysis TradingLounge (4-Hour Chart)

ASX: ASX LIMITED - ASX  Elliott Wave Technical Analysis

ASX: ASX LIMITED - ASX  4-Hour Chart Analysis

Function: Major trend (Minuette degree, purple)  

Mode: Motive  

Structure: Impulse  

Position: Wave ((1))-red of Wave (iii)-purple  

Details: The short-term outlook suggests that waves (i) and (ii)-purple have just completed, and wave (iii)-purple appears to be unfolding to push higher. Current price action indicates that wave ((1))-red is nearing completion, followed by wave ((2))-red opening up, retracing slightly lower, and then wave ((3))-red may be ready to resume its trajectory.

Invalidation point: 62.66

Conclusion

ASX: ASX LIMITED - ASX shows potential for upward movement in wave 3-red. Traders should look for corrective patterns for entry points and watch invalidation levels closely.

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

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

Previous: NORTHERN STAR RESOURCES LTD

Special Trial Offer - 0.76 Cents a Day for 3 Months! Click here

Access 7 Analysts Over 170 Markets Covered. Chat Room With Support