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 more evidence on price action is needed for confirmation, 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 3-grey
Details: The short-term outlook shows some evidence that wave 2-grey has ended. Wave 3-grey appears to be unfolding to push higher, with a move above the 64.32 high confirming this view.
Invalidation point: 56.54
ASX LIMITED - ASX Elliott Wave Technical Analysis TradingLounge (4-Hour Chart)
ASX: ASX LIMITED - ASX Elliott Wave Technical Analysis
ASX LIMITED - ASX 4-Hour Chart Analysis
Function: Major Trend (Minor degree, grey)
Mode: Motive
Structure: Impulse
Position: Wave (i)-orange Wave 2-grey
Details: The short-term outlook shows that wave 2-grey has some evidence of having ended, and wave 3-grey may be unfolding to push higher. Wave (i)-orange may be opening, followed by wave (ii)-orange pushing slightly lower. We will look for evidence of wave (ii)-orange ending to target wave (iii)-orange. It is important that the price remains above 56.54 to maintain the point, and a push higher from 64.32 would confirm that wave 3-grey is indeed back.
Invalidation point: 56.54
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 confidence in our perspective. By combining these factors, we strive to offer readers the most objective and professional perspective on market trends.