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 observe that wave 2-grey appears to have ended as a Double Zigzag, and wave 3-grey is beginning to push 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 3-grey
Details: The short-term outlook indicates that wave 2-grey is extending longer than expected, continuing to develop as a Double Zigzag. Wave ((x))-navy has recently completed, and Wave ((y))-navy shows evidence of concluding. Wave 3-grey appears to be pushing higher.
Invalidation point: 61.36
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 (Minor degree, grey)
Mode: Motive
Structure: Impulse
Position: Wave 3-grey
Details: The short-term outlook shows evidence of wave 2-grey ending as a Double Zigzag labeled wave ((w)),((x)),((y))-navy. Part of the sub-waves of wave 3-grey are opening. We are looking for a Long Trade Setup as the ASX pushes above 65 and turns it into support.
Invalidation point: 61.36
Conclusion
Our analysis and forecast of contextual trends and short-term outlook for ASX: ASX LIMITED - ASX aim to provide readers with insights into 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 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).
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