Aristocrat Leisure Limited Elliott Wave forecast
Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with ARISTOCRAT LEISURE LIMITED - ALL. We see wave (v)-orange of wave ((iii))-navy still unfolding to push higher.
ASX: ALL one-day chart (semilog scale) analysis
Function: Major trend (Minor degree, grey).
Mode: Motive.
Structure: Impulse.
Position: Wave (v)-orange of Wave ((v))-navy.
Details: Wave (iv)-orange probably ended closest to the 56.04 low and wave (v)-orange is unfolding to push higher, targeting the 61.49 – 65.00 level while price must remain above the 56.04 low to maintain this view.
Invalidation point: 55.06.
ASX: ALL four-hour chart analysis
Function: Major trend (Minuette degree, orange).
Mode: Motive.
Structure: Impulse.
Position: Wave (v)-orange of Wave ((v))-navy.
Details: I look closer and see Wave (iv)-orange of wave ((v))-navy appears to have ended at the low of 56.04 and wave (v)-orange is unfolding to push higher, targeting the high of 61.49 – 65.00.
Invalidation point: 56.04.
Conclusion
Our analysis, forecast of contextual trends, and short-term outlook for ASX: ARISTOCRAT LEISURE LIMITED - ALL 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.
Author
Peter Mathers
TradingLounge
Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.
