ASX Limited Elliott Wave technical forecast [Video]

Peter Mathers TradingLounge

ASX: ASX LIMITED - ASX Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with ASX LIMITED - ASX . We have determined that wave 2-red has ended, and wave 3-red can be opened to push higher.

ASX Elliott Wave technical analysis

Function: Major (Minor degree, red).

Mode: Motive.

Structure: Impulse.

Position: Wave (iii)-purple of Wave 3-red.

Details: Short-term outlook suggests that the 2-red wave has just concluded, and the 3-red wave may be ready to resume its upward movement. We are waiting for a smaller ABC Correction to have a good Long Trade Setup.

Invalidation point: 61.71.

ASX four-hour chart analysis

Function: Major trend (Minuette degree, purple).

Mode: Motive.

Structure: Impulse.

Position: Wave ((1))-red of Wave (iii)-purple.

Details: The short-term outlook suggests that waves (i) and (ii)-purple have just completed, and wave (iii)-purple appears to be unfolding to push higher. Current price action indicates that wave ((1))-red is nearing completion, followed by wave ((2))-red opening up, retracing slightly lower, and then wave ((3))-red may be ready to resume its trajectory.

Invalidation point: 62.66.

Conclusion

Our analysis, forecast of contextual trends, and short-term outlook for ASX: ASX LIMITED - ASX 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.

ASX Limited Elliott Wave technical forecast [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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