ASX LIMITED - ASX Elliott Elliott Wave 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 be opened 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.
Invalidation point: 58.17
ASX: ASX LIMITED - ASX Elliott Wave Analysis TradingLounge (4-Hour Chart)
ASX: ASX LIMITED - ASX 4-Hour Chart Analysis
Function: Major Trend (Minor degree, grey)
Mode: Motive
Structure: Impulse
Position: Wave iii-grey of Wave (iii)-orange
Details: The shorter-term outlook shows that wave (iii)-orange is unfolding, and it is subdividing into waves i, ii, iii-grey. Now wave iii-grey continues to push higher, aiming for targets like 62.07 or 62.99 or even beyond.
Invalidation point: 59.06
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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Conclusion
Our analysis and forecast of contextual trends, along with the 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.