ASX LIMITED - ASX Elliott Wave Technical Analysis TradingLounge (1D Chart)
GreetingsToday's Elliott Wave analysis focuses on the Australian Stock Exchange (ASX), specifically ASX LIMITED - ASX. Our evaluation indicates that wave 2-grey may have concluded, leading to the initiation of wave 3-grey, which is expected to push higher.
ASX: ASX LIMITED - ASX Elliott Wave Technical Analysis
ASX: ASX LIMITED - ASX 1D Chart (Semilog Scale) Analysis
Function: Major trend (Minor degree, grey)
Mode: Motive
Structure: Impulse
Position: Wave 3-grey
Details: We recommend waiting for the ML65 level to turn into support. Once this occurs, an ABC Correction would be an opportune moment to buy higher with ASX LIMITED.
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 trend (Minuette degree, orange)
Mode: Motive
Structure: Impulse
Position: Wave (i)-orange
Details: The short-term outlook indicates that since the low at 61.36, wave 2-grey has likely ended, allowing wave 3-grey to unfold and push higher. Wave (i)-orange is currently unfolding and performing its role, after which wave (ii)-orange will follow as an ABC. We are monitoring ASX LIMITED for a Long Trade Setup.
Invalidation point: 61.36
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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Conclusion
Our comprehensive analysis and forecast of ASX: ASX LIMITED - ASX aims to provide readers with valuable insights into the prevailing market trends and strategies for effective capitalization. We offer precise price points as validation or invalidation signals for our wave count, enhancing the reliability of our perspective. By integrating these elements, we strive to present the most objective and professional viewpoint on market trends.