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 determined that wave 2-grey may have ended and wave 3-grey was opened to push higher.

ASX: ASX Limited - ASX Elliott Wave technical analysis

Function: Major trend (Minor degree, grey).

Mode: Motive.

Structure: Impulse.

Position: Wave 3-grey.

Details: I would wait for the ML65 level to turn into support, then we would look for an ABC Correction to buy higher with ASX LIMITED.

Invalidation point: 61.36.

ASX: ASX Limited four-hour chart analysis

Function: Major trend (Minuette degree, orange).

Mode: Motive.

Structure: Impulse.

Position: Wave (i)-orange.

Details: The shorter-term outlook shows that since the low at 61.36, wave 2-grey appears to have ended, and this allows wave 3-grey to unfold to push higher. Wave (i)-orange is unfolding and is fulfilling its role, following which wave (ii)-orange will unfold as ABC. We will be watching ASX LIMITED for a Long Trade Setup.

Invalidation point: 61.36.

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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