ASX: Scentre Group (SCG) - Elliott Wave Technical Analysis TradingLounge (1D Chart)
Our latest Elliott Wave analysis of the Australian Stock Exchange (ASX) focuses on Scentre Group (SCG). The analysis indicates that wave ((ii)) - navy has likely ended, suggesting the commencement of wave ((iii)) - navy with an upward movement. The current long trade position shows a profitable trend, prompting an adjustment to the stop loss, now set at 3.26.
ASX: Scentre Group (SCG) - Elliott Wave Technical Analysis
ASX: Scentre Group (SCG) 1D Chart Analysis (Semilog Scale)
Function: Major trend (Minute degree, navy)
Mode: Motive
Structure: Impulse
Position: Wave ((iii)) - navy
Details: Wave (iii) - orange is advancing, potentially targeting 3.62. The Long Trade position has mitigated most risks by increasing the initial stop loss from 3.162 to 3.26.
Invalidation point: 3.19
ASX: Scentre Group - SCG Elliott Wave Analysis TradingLounge 4-Hour Chart
ASX: Scentre Group (SCG) 4-Hour Chart Analysis
Function: Major trend (Minuette degree, orange)
Mode: Motive
Structure: Impulse
Position: Wave (iii) - orange
Details: Wave (iii) - orange is expected to continue its upward trajectory, provided the price remains above the 3.26 low. The Long Trade position shows favorable returns, leading to a risk reduction by raising the Stoploss to 3.26.
Invalidation point: 3.19
Conclusion
This analysis of ASX: Scentre Group (SCG) provides a comprehensive forecast of current market trends, offering specific price points that act as validation or invalidation signals for our wave count. These insights are designed to help traders capitalize on emerging trends effectively. By focusing on these critical factors, we aim to provide a clear, professional perspective on market movements.
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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