WiseTech Global Limited - WTC Elliott Wave Analysis TradingLounge (1D Chart)

Greetings, Our Elliott Wave analysis today provides an update on the Australian Stock Exchange (ASX) with ASX Limited - ASX. We observe wave ((iv))-navy potentially dipping slightly lower, followed by wave ((v))-navy which might drive WTC higher.

ASX: WiseTech Global Limited - WTC Elliott Wave Technical Analysis

ASX: WiseTech Global Limited - WTC 1D Chart (Semilog Scale) Analysis

Function: Major trend (Minor degree, grey)

Mode: Motive

Structure: Impulse

Position: Wave c-grey of Wave (y)-orange of Wave ((iv))-navy

Details: The short-term outlook indicates that wave ((iii))-navy has concluded and wave ((iv))-navy is likely to push lower, with immediate support expected around 84.74.

Invalidation point: 68.15

WiseTech Global Limited - WTC Elliott Wave Analysis TradingLounge (4-Hour Chart)

ASX: WiseTech Global Limited - WTC Elliott Wave Technical Analysis

ASX: WiseTech Global Limited - WTC 4-Hour Chart Analysis

Function: Major trend (Minuette degree, orange)

Mode: Corrective

Structure: Double Zigzag

Position: Wave c-grey of Wave (y)-orange

Details: The shorter-term outlook shows wave ((iv))-navy progressing lower, with price action forming a Double Zigzag (w),(x),(y)-orange. The current wave (y)-orange is expected to push lower, subdividing into waves a,b,c-grey; the b-grey wave is likely to rise slightly, followed by the c-grey wave moving lower.

Invalidation point: 100.55

Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).

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Conclusion:
Our analysis and short-term outlook for ASX: WiseTech Global Limited - WTC aim to provide insights into the current market trends and potential strategies for capitalizing on them. We specify price points for validation or invalidation of our wave count to enhance confidence in our perspective. By combining these factors, we strive to offer an objective and professional view on market trends.