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.

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