ASX: 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 ASX LIMITED is approaching the end of wave 2-grey but needs more evidence on price action for confirmation, also allowing wave 3-grey to push higher thereafter.
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 the price has continued to decline longer than expected, with wave 2-grey retracing quite deeply. Essentially, it may continue this action. However, a drop below 53.98 will call for a reassessment of the situation.
Invalidation point: 53.98
ASX: ASX LIMITED - ASX Elliott Wave Technical Analysis TradingLounge (4-Hour Chart)
ASX: ASX LIMITED - ASX 4-Hour Chart Analysis
Function: Major (Minor degree, grey)
Mode: Corrective
Structure: Double Zigzag
Position: Wave (c)-orange of Wave ((y))-navy of Wave 2-grey
Details: The short-term outlook shows that wave (c)-orange is about to complete, and at the same time it will also complete wave 2-grey, allowing wave 3-grey to push higher. The important thing is that the price needs to rise above 59.39, which is also the first step to renew the long-term bullish view with wave 3-grey.
Invalidation point: 64.32
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 LIMITED - 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.