ASX: ASX LIMITED - ASX Elliott Wave Technical Analysis TradingLounge (1D Chart)
Greetings, our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with ASX LIMITED - ASX. We've identified that wave 2-re has recently bottomed out, and wave 3-red is now unfolding to push significantly 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: 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 ((2))-red of Wave (iii)-purple
Details: The shorter-term outlook indicates that wave (ii)-purple has bottomed, and wave (iii)-purple appears to be unfolding, still in its initial stages. Waves ((1))-red and ((2))-red are developing, and after wave ((2))-red concludes, wave ((3))-red should return to push higher, potentially increasing to the medium level around 65 in the short term.
Invalidation point: 65.35
Conclusion
The Elliott Wave analysis of ASX LIMITED on both the 1D and 4-hour charts provides a robust framework for understanding current market movements and potential future trends. By identifying key wave structures and positions, traders can make informed decisions, capitalizing on the projected market movements.
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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