ASX Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

ASX: ASX LIMITED – ASX Elliott Wave Technical Analysis TradingLounge.

Today's Elliott Wave analysis provides an updated outlook on the Australian Stock Exchange (ASX LIMITED – ASX). We observe significant upside potential with the third wave of the third wave, indicating strong growth opportunities for ASX LIMITED. This analysis highlights key trend perspectives and important confirmation points for potential trend changes.

ASX one day chart (Semilog scale) analysis

Function: Major Trend (Minor Degree, Grey).
Mode: Motive.
Structure: Impulse.
Position: Wave ((iii)) - Navy of Wave 3 - Grey.

Details:

Wave 3 - Grey appears to be unfolding as an Extended Wave, with Wave ((iii)) - Navy continuing to move higher. This third wave of the third wave suggests a strong bullish trend and significant upside potential.

Invalidation point: 60.20.

ASX four-hour chart analysis

Function: Major Trend (Minor Degree, Grey).
Mode: Motive.
Structure: Impulse.
Position: Wave (v) - Orange of Wave ((iii)) - Navy.

Details:

On the 4-hour chart, the wave structure becomes more defined. It appears that Wave (iv) - Orange has ended, and Wave (v) - Orange is now advancing. The nearest target for this wave is 68.99, provided the price stays above 65.06 to maintain this bullish outlook.

Invalidation point: 65.05.

Conclusion:

Our market trend analysis and short-term outlook for ASX LIMITED – ASX provide insights into the current market dynamics and trading opportunities. By identifying key price levels for validation or invalidation of our Elliott Wave count, we enhance confidence in our perspective. Through a structured approach, we aim to deliver objective and professional insights for traders and investors.

Technical analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).

ASX Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

EUR/USD weakens to near 1.1900 as traders eye US data

The EUR/USD pair loses ground to around 1.1905, snapping the two-day winning streak during the early European trading hours on Tuesday. Markets might turn cautious ahead of the release of key US economic data, including US employment and inflation reports that were pushed back slightly due to the recently ended four-day government shutdown.

GBP/USD edges lower below 1.3700 on UK political risks, BoE rate cut bets

The GBP/USD pair trades on a weaker note around 1.3685 during the European session on Tuesday. The Pound Sterling edges lower against the US Dollar amid political risk in the United Kingdom and rising expectations of near-term Bank of England rate cuts.

Gold drifts lower as positive risk tone tempers safe-haven demand; downside seems limited

Gold drifts lower during the Asian session on Tuesday and snaps a two-day winning streak, though it lacks strong follow-through selling and shows some resilience below the $5,000 psychological mark amid mixed cues. The outcome of Japan's snap election on Sunday removes political uncertainty, which, along with signs of easing tensions in the Middle East, remains supportive of the upbeat market mood.

Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.

Follow the money, what USD/JPY in Tokyo is really telling you

Over the past two Tokyo sessions, this has not been a rate story. Not even close. Interest rate differentials have been spectators, not drivers. What has moved USD/JPY in local hours has been flow and flow alone.

Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash (BCH) trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.