Car Group Limited Elliott Wave technical analysis [Video]
|ASX: Car Group Limited – CAR Elliott Wave technical analysis
Welcome. Today’s Elliott Wave update focuses on the Australian Stock Exchange (ASX) listed CAR GROUP LIMITED – CAR.
Our analysis indicates that CAR has likely wrapped up a corrective wave, specifically wave (4) in orange, forming a Zigzag structure. This may suggest the beginning of a bullish trend. This brief overview will outline potential future price movement and key invalidation levels supporting our analysis.
One-day chart (Semilog Scale) – Overview
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Function: Major trend (Intermediate degree, orange).
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Mode: Motive.
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Structure: Impulse.
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Position: Wave iii)) – navy within Wave (5) – orange.
Details:
Wave (4) – orange has been forming since the 42.71 high, likely bottoming out at 28.40. It appears as an A-B-C Zigzag, with the C – grey component showing five distinct sub-waves, indicating its completion. Hence, the emergence of wave (5) – orange is expected. Recent market action supports the development of wave iii)) – navy, potentially targeting the 39.68 – 40.00 level.
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Invalidation point: 31.73 (Prices must remain above to sustain this outlook.).
ASX: Car Group Limited – CAR four-hour chart overview
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Function: Major trend (Minor degree, grey).
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Mode: Motive.
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Structure: Impulse.
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Position: Wave ((iii)) – navy of Wave (5) – orange.
Details:
Since surpassing the 31.73 mark, wave iii)) – navy is progressing. The price must stay above 31.73 to validate this progression.
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Invalidation point: 31.73 (Maintaining above this level confirms the analysis.)
Conclusion
This analysis of ASX: CAR GROUP LIMITED – CAR offers both a broader market trend and short-term trading outlook. Our report includes price levels that serve as validation or invalidation for the current Elliott Wave count, improving the reliability of our forecast. The goal is to equip traders with a factual and skilled perspective to interpret market direction.
Car Group Limited Elliott Wave technical analysis [Video]
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