ASX: ASX LIMITED – ASX Elliott Wave Technical Analysis TradingLounge (1D Chart)
Greetings! Our latest Elliott Wave analysis focuses on ASX LIMITED (ASX: ASX). We are currently witnessing a minor pullback, identified as wave ((ii)) - navy, which is expected to be followed by a continuation in wave ((iii)) - navy, pushing prices higher.
ASX: ASX LIMITED – ASX Elliott Wave Technical Analysis
ASX: ASX LIMITED – ASX 1D Chart (Semilog Scale) Analysis
Function: Major (Minor degree, gray)
Mode: Motive
Structure: Impulse
Position: Wave ((ii)) - navy of Wave 3 - grey
Details: Wave ((ii)) - navy is currently forming and may descend to 60.96 or lower, after which wave ((iii)) - navy is anticipated to rise.
Invalidation point: 56.54
ASX: ASX LIMITED – ASX Elliott Wave Technical Analysis TradingLounge (4-Hour Chart)
ASX: ASX LIMITED – ASX Elliott Wave Technical Analysis
ASX: ASX LIMITED – ASX 4-Hour Chart Analysis
Function: Major Trend (Minute degree, navy)
Mode: Motive
Structure: Impulse
Position: Wave (c) - orange of Wave ((ii)) - navy
Details: Wave ((ii)) - navy began as an Expanded Flat, with waves (a) and (b) completed. Wave (c) is likely to push lower, possibly targeting around 62.07. A Long Trade Setup on ASX.ASX will be considered.
Invalidation point: 56.54
Conclusion: Our Elliott Wave analysis for ASX: ASX LIMITED provides a detailed forecast of market trends, aiming to guide investors in capitalizing on these movements. We offer specific price levels that act as validation or invalidation points for our wave count, bolstering the confidence in our analysis. By integrating these insights, we deliver an objective and professional perspective on the current market trends.
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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