ASX: REA GROUP LTD – Elliott Wave Analysis (1D Chart)

Greetings! In today's Elliott Wave analysis, we provide an update on the Australian Stock Exchange (ASX) focusing on REA GROUP LTD – REA. Our analysis indicates that wave 2-red has likely ended, and wave 3-red may propel much higher.

ASX: REA GROUP LTD – Elliott Wave Technical Analysis

ASX: REA GROUP LTD – 1D Chart (Semilog Scale) Analysis

Function: Major trend (Minor degree, red)

Mode: Motive

Structure: Impulse

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

Details: The current outlook suggests that wave 2-red has recently concluded, and wave 3-red is now in progress, expected to move significantly higher. This wave is subdividing into waves (i) and (ii)-purple, both of which have ended. Currently, wave (iii)-purple is emerging, poised to drive the price higher.

Invalidation point: 175.19

ASX: REA GROUP LTD – Elliott Wave Technical Analysis (4-Hour Chart)

ASX: REA GROUP LTD – Elliott Wave Technical Analysis

ASX: REA GROUP LTD – 4-Hour Chart Analysis

Function: Major trend (Minuette degree, purple)

Mode: Motive

Structure: Impulse

Position: Wave ii-blue of Wave (iii)-purple

Details: In the shorter-term analysis, wave 2-red has completed in the form of ((w)), ((x)), ((y))-green. Now, wave 3-red is unfolding. It has subdivided into waves (i) and (ii)-purple, which are completed. Currently, wave (iii)-purple is forming and further subdividing into wave i-blue. Wave ii-blue is in progress, expected to push slightly lower before wave iii-blue resumes the upward movement.

Invalidation point: 175.19

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: REA GROUP LTD – REA 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 the confidence in our perspective. By combining these factors, we strive to offer readers the most objective and professional perspective on market trends.