ASX: WOOLWORTHS GROUP LIMITED - WOW Elliott Wave Technical Analysis TradingLounge (1D Chart)

Greetings, our latest Elliott Wave analysis on the Australian Stock Exchange (ASX) features WOOLWORTHS GROUP LIMITED - WOW. The current trend suggests WOW.ASX might move lower in the short term.

ASX: WOOLWORTHS GROUP LIMITED - WOW Elliott Wave Technical Analysis

ASX: WOOLWORTHS GROUP LIMITED - WOW 1D Chart (Semilog Scale)

Analysis Function: Major trend (Intermediate degree, orange)

Mode: Motive

Structure: Impulse

Position: Wave (2) - orange

Details:

Wave (1) - orange appears to have concluded with a five-wave pattern. Currently, wave (2) - orange is developing, which might lead to a downward movement. The target range is around 33.22 - 32.61. We will monitor wave (2) closely for a potential long trade setup.

Invalidation point: 30.12

Woolworths-Group-Lim...


ASX: WOOLWORTHS GROUP LIMITED - WOW Elliott Wave Technical Analysis TradingLounge (4-Hour Chart)

ASX: WOOLWORTHS GROUP LIMITED - WOW Elliott Wave Technical Analysis

ASX: WOOLWORTHS GROUP LIMITED - WOW 4-Hour Chart Analysis

Function: Major trend (Intermediate degree, orange)

Mode: Motive

Structure: Impulse

Position: Wave (2) - orange

Details:

The five-wave pattern in wave (1) - orange has been completed. Now, wave (2) - orange seems to be unfolding, possibly leading to a further decline. The initial target is 33.22, with the potential to reach 32.61 or 32.00.

Invalidation point: 30.12

Conclusion:
Our analysis provides a forecast of contextual trends and a short-term outlook for ASX: WOOLWORTHS GROUP LIMITED - WOW. This aims to offer insights into the current market trends and how to capitalize on them effectively. We provide specific price points as validation or invalidation signals for our wave count, enhancing the confidence in our perspective. By integrating these factors, we aim to deliver an objective and professional view on market trends.

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

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

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