ASX Limited Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

ASX Elliott Wave technical analysis

Today's Elliott Wave analysis provides an update on ASX LIMITED (ASX). Our assessment suggests that ASX LIMITED shares may have just completed a corrective wave and are now transitioning into an Impulse Wave.

ASX one-day chart (semilog scale) analysis

Function: Major Trend (Intermediate Degree, Orange).
Mode: Motive.
Structure: Impulse.
Position: Wave 3 - Grey of Wave (3) - Orange.

Details:

Wave (2) - Orange may have concluded, and Wave (3) - Orange is unfolding in an Extended Wave, with Wave 3 - Grey progressing higher. The target price is approximately $80.00.

Invalidation point: $62.03

ASX four-hour chart analysis

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

Details:

From the low at $62.03, Wave 3 - Grey is developing an upward movement. It is near completion of Wave ((i)) - Navy, followed by Wave ((ii)) - Navy, which may push slightly lower before Wave ((iii)) - Navy resumes its uptrend.

Invalidation point: $62.03.

Conclusion

Our analysis aims to provide a comprehensive outlook on ASX LIMITED (ASX) by forecasting market trends and identifying potential entry points. We highlight key price levels that serve as validation or invalidation signals, ensuring greater confidence in market positioning. By leveraging these insights, traders can make informed decisions backed by objective technical analysis.

ASX Limited 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.

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