ASX: ASX LIMITED - ASX Elliott Wave Analysis TradingLounge (1D Chart)
Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with ASX LIMITED - ASX. We see that the ASX has extended its correction wave more than expected. So ASX is developing under the Double Zigzag pattern and looks like it will soon complete wave 2-grey. Following that, wave 3-grey is ready to return to push even higher.
ASX: ASX LIMITED - ASX Elliott Wave Technical Analysis
ASX: ASX LIMITED - ASX 1D Chart (Semilog Scale) Analysis
Function: Major (Minor degree, grey)
Mode: Motive
Structure: Impulse
Position: Wave (c)-orange of Wave ((y))-navy of Wave 2-grey
Details: The short-term outlook indicates that wave 2-grey is extending longer than expected and continues to develop as a Double Zigzag. Wave ((x))-navy has recently completed, and now wave ((y))-navy will push lower. After that, wave 3-grey can resume to push higher.
Invalidation point: 64.36
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: Counter trend (Minute degree, navy)
Mode: Motive
Structure: Impulse
Position: Wave (c)-orange of Wave ((y))-navy
Details: The shorter-term outlook indicates that wave 2-grey is unfolding as a Double Zigzag with a high level of detail. Wave ((x))-navy has recently completed, and wave ((y))-navy appears to be unfolding and is nearing completion. The second leg of the Zigzag pattern is finishing, so it may continue to push slightly lower, seeking support around 61.18 - 59.23. Following this, wave 3-grey is expected to resume and push higher.
Invalidation point: 64.36
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: ASX LMITED - ASX 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.