Commonwealth Bank of Australia Elliott Wave analysis and technical forecast [Video]
|Our Elliott Wave analysis today presents an updated perspective on the Australian Stock Exchange (ASX) with COMMONWEALTH BANK OF AUSTRALIA (CBA).
We identify upside potential and anticipate a bullish trend in ASX:CBA with Wave Three in progress. This analysis highlights target zones, key levels, and the essential price points to determine when this view remains valid or is no longer applicable.
ASX: CBA Elliott Wave technical analysis (one-day chart - Semilog scale)
Function:
-
Major trend: Minor degree (grey)
-
Mode: Motive
-
Structure: Impulse
-
Position: Wave ((iii)) - navy of Wave 5 - grey
Details:
-
Wave 5 (grey) is currently extending, and we are counting its subwaves ((i)), ((ii)) (navy).
-
Since the low at 151.00, wave ((iii)) (navy) is gaining momentum, reinforcing our expectation of a bullish market in the short term.
-
Next target: 200.00
-
Invalidation level: 151.00
ASX: CBA Elliott Wave technical analysis (four-hour chart)
Function:
-
Major trend: Minor degree (grey).
-
Mode: Motive.
-
Structure: Impulse.
-
Position: Wave (iii) - orange of Wave ((iii)) - navy of Wave 5 - grey.
Details:
-
Taking a closer look at wave ((iii)) (navy), we observe smaller degree subwaves (i), (ii) (orange), which have concluded.
-
Now, wave (iii) (orange) of wave ((iii)) (navy) is gaining strength, pushing toward higher price targets.
-
Next Target Levels: 173.98 and potentially 180.00.
-
Key invalidation level: 156.17.
Conclusion
Our Elliott Wave analysis and forecast for ASX: COMMONWEALTH BANK OF AUSTRALIA (CBA) aim to provide traders with a clear understanding of market trends and actionable insights to optimize trading strategies.
By specifying crucial price levels that confirm or invalidate our wave count, we enhance the reliability of our perspective. Our objective is to equip readers with the most precise and professional view of ASX market trends.
Commonwealth Bank of Australia Elliott Wave analysis and technical forecast [Video]
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.