ASX: ANZ GROUP HOLDINGS LIMITED - ANZ Elliott Wave Technical Analysis TradingLounge (1D Chart)
Greetings,
Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with ANZ GROUP HOLDINGS LIMITED - ANZ. We identified wave 3-grey, which appears to be unfolding higher, subdividing into wave ((ii))-navy, presenting a Long Trade Setup opportunity.
ASX: ANZ GROUP HOLDINGS LIMITED - ANZ Elliott Wave Technical Analysis
ASX: ANZ GROUP HOLDINGS LIMITED - ANZ 1D Chart (Semilog Scale) Analysis
Function: Major trend (Minor degree, grey)
Mode: Motive
Structure: Impulse
Position: Wave ((ii))-navy of Wave 3-grey
Details: The short-term outlook indicates that wave 2-grey has ended. Since the low at 27.56, wave 3-grey is unfolding higher. The current price action subdivides into wave ((ii))-navy, pushing slightly lower, creating a long trade setup targeting wave ((iii))-grey.
Invalidation point: 27.56
ASX: ANZ GROUP HOLDINGS LIMITED - TradingLounge (4-Hour Chart)
ANZ Elliott Wave Technical Analysis
ASX: ANZ GROUP HOLDINGS LIMITED - ANZ 4-Hour Chart Analysis
Function: Major trend (Minute degree, navy)
Mode: Motive
Structure: Impulse
Position: Wave (c)-orange of Wave ((ii))-navy
Details: The shorter-term outlook shows wave ((i))-navy completed, and wave ((ii))-navy is unfolding as an (a)(b)(c)-orange pattern. Wave (c)-orange appears to be pushing slightly lower, likely reaching the lower edge of the Channel. A push above the upper edge of the Channel will suggest wave ((iii))-navy is resuming.
Confirmation point: 29.05
Invalidation point: 27.56
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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Conclusion:
Our analysis and forecast of contextual trends and short-term outlook for ASX: ANZ GROUP HOLDINGS LIMITED - ANZ aim to provide 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.