ASX: NEWS CORPORATION. – NWS Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)
Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with NEWS CORPORATION. – NWS. We determined there was going to be a good trading opportunity with NWS when wave (ii)-orange opened and then it ended.
ASX: NEWS CORPORATION. – NWS Elliott Wave Technical Analysis
ASX: NEWS CORPORATION. – NWS 1D Chart (Semilog Scale) Analysis
Function: Major trend (Minor degree, grey)
Mode: Motive
Structure: Impulse
Position: Wave i-grey of Wave
Details: The short-term outlook indicates that wave ((iv))-navy has just ended, and wave ((v))-navy is unfolding. It is subdividing into wave (i)-orange, which will soon complete, allowing wave (ii)-orange to unfold and push lower. This will provide a good trading setup with wave (ii)-orange.
Invalidation point: 36.62
ASX: NEWS CORPORATION. – NWS Elliott Wave Technical Analysis TradingLounge (4-Hour Chart)
ASX: NEWS CORPORATION. – NWS Elliott Wave Technical Analysis
ASX: NEWS CORPORATION. – NWS 4-Hour Chart Analysis
Function: Major trend (Minuette degree, purple)
Mode: Motive
Structure: Impulse
Position: Wave v-grey of Wave (i)-orange
Details: The shorter-term outlook indicates that wave (i)-orange is nearing completion, as it has subdivided into 5 waves. Wave (ii)-orange will soon unfold as an ABC pattern to push lower. We will look for a long trade setup when the price turns the 40 level into support.
Invalidation point: 36.62
Conclusion:
Our analysis, forecast of contextual trends, and short-term outlook for ASX: NEWS CORPORATION. – NWS 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.
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here
Previous: ASX: NEWMONT CORPORATION - NEM Elliott Wave Technical Analysis
Special Trial Offer - 0.76 Cents a Day for 3 Months! Click here
Access 7 Analysts Over 170 Markets Covered. Chat Room With Support
