ASX Limited Elliott Wave technical forecast [Video]

Peter Mathers TradingLounge

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) ASX LIMITED – ASX . We see that ASX Limited has just completed wave ((ii))-navy, and wave ((iii))-navy is returning to push higher.

ASX: ASX Elliott Wave technical analysis

ASX one-day chart

Function: Major (Minor degree, gray).

Mode: Motive.

Structure: Impulse.

Position: Wave ((iii))-navy of Wave 3-grey.

Details: Wave ((ii))-navy appears to have bottomed, and wave ((iii))-navy is unfolding to push higher, while price must remain above the 61.06 low to maintain this view.

Invalidation point: 61.06.

ASX four-hour chart analysis

Function: Major Trend (Minute degree, navy).

Mode: Motive.

Structure: Impulse.

Position: Wave (i)-orange of Wave ((ii))-navy.

Details: Wave ((ii))-navy just ended at the low of 61.06. Now wave ((iii))-navy is opening to push higher, it is subdividing into wave (i)-orange, it has pushed quite high, so it will end soon, and wave (ii)-orange will open after that. Finally wave (iii)-orange will come back to push higher. I will watch ASX Limited for Long Trade Setup.

Invalidation point: 61.06.

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.

EUR/USD weakens as US jobs data trims Fed rate cut bets

The EUR/USD pair trades in negative territory for the third consecutive day near 1.1860 during the early European session on Thursday. Traders will keep an eye on the US weekly Initial Jobless Claims data. On Friday, the attention will shift to the US Consumer Price Index inflation report.

GBP/USD bullish outlook prevails above 1.3600, UK GDP data looms

The GBP/USD pair gains ground near 1.3635, snapping the two-day losing streak during the early European session on Thursday. The preliminary reading of UK Gross Domestic Product for the fourth quarter will be closely watched later on Thursday. The UK economy is estimated to grow 0.2% QoQ in Q4, versus 0.1% in Q1.

Gold remains on the defensive below two-week top; lacks bearish conviction amid mixed cues

Gold sticks to modest intraday losses through the Asian session on Thursday, though it lacks follow-through selling and remains close to a nearly two-week high, touched the previous day. The commodity currently trades above the $5,070 level, down just over 0.20% for the day, amid mixed cues.

UK GDP set to post weak growth as markets rise bets on March rate cut

Markets will be watching closely on Thursday, when the United Kingdom’s Office for National Statistics will release the advance estimate of Q4 Gross Domestic Product. If the data land in line with consensus, the UK economy would have continued to grow at an annualised pace of 1.2%, compared with 1.3% recorded the previous year.

The market trades the path not the past

The payroll number did not just beat. It reset the tone. 130,000 vs. 65,000 expected, with a 35,000 whisper. 79 of 80 economists leaning the wrong way. Unemployment and underemployment are edging lower. For all the statistical fog around birth-death adjustments and seasonal quirks, the core message was unmistakable. The labour market is not cracking.

Sonic Labs’ vertical integration fuels recovery in S token

Sonic, previously Fantom (FTM), is extending its recovery trade at $0.048 at the time of writing, after rebounding by over 12% the previous day. The recovery thesis’ strengths lie in the optimism surrounding Sonic Labs’ Wednesday announcement to shift to a vertically integrated model, aimed at boosting S token utility.