Rea Group Ltd Elliott Wave technical forecast [Video]
|ASX: REA GROUP LTD – REA Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)
Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with REA GROUP LTD – REA. We identified that wave 2-red may have just ended, and wave 3-red could push much higher.
ASX: Rea Group Ltd – REA Elliott Wave technical analysis
Function: Major trend (Minor degree, red).
Mode: Motive.
Position: Wave 3-red.
Details: The short-term outlook suggests that the 2-red wave appears to have recently completed as a Double Zigzag correction, and the 3-red wave may be ready to push higher. Further upward movement would confirm this outlook.
Invalidation point: 140.50.
ASX: Rea Group Ltd – REA four-hour chart analysis
Function: Major trend (Minuette degree, purple).
Mode: Motive.
Structure: Impulse.
Position: Wave (iii)-purple.
Details: The near-term outlook suggests that the 2-red wave has concluded in the form of a Double Zigzag pattern at the low of 172.49, allowing for the possibility of the 3-red wave to resume and push higher. Currently, it is subdivided into the (i) and (ii)-purple waves, and it appears that the (ii)-purple wave has recently ended. The (iii)-purple wave may now be unfolding to push higher.
Invalidation point: 172.49.
Conclusion
Our analysis, forecast of contextual trends, and short-term outlook for ASX: REA GROUP LTD – REA aim to provide readers with insights into the current market trends and how to capitalize on them effectively. We offer specific price points that act as validation or invalidation signals for our wave count, enhancing the confidence in our perspective. By combining these factors, we strive to offer readers the most objective and professional perspective on market trends.
Rea Group Ltd Elliott Wave technical forecast [Video]
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