ASX: ResMed Inc stock analysis and Elliott Wave technical forecast [Video]

Peter Mathers TradingLounge

Greetings, Our Elliott Wave analysis todaya updates the Australian Stock Exchange (ASX) with RMD – RESMES INC shares. We have identified a Expanded Flat correction pattern, indicating the potential for RMD to continue declining further.

ASX: ResMed Inc one-day chart (semilog scale) analysis

Function: Major trend (Minor degree, red).

Mode: Motive.

Structure: Impulse.

Position: Wave ((c))-green of Wave 2-red.

Details: The short-term outlook indicates that wave 1-red has completed, and wave 2-red is unfolding as an Expanded Flat to push lower before wave 3-red resumes upward momentum. The downward movement seeks support around 26.66, and this bearish perspective will be maintained as long as the price remains below 30.90.

Invalidation point: 21.14.

ASX: ResMed Inc four-hour chart analysis

Function: Counter trend (Minute degree, green).

Mode: Corrective.

Structure: Expanded Flat.

Position: Wave (y)-purple of Wave ((b))-green.

Details: The shorter-term outlook suggests that wave 2-red is unfolding as an Expanded Flat, where wave ((b))-green resembles a corrective wave and seems to be nearing completion. Wave ((c))-green may decline further, seeking support around 26.66. As long as the price remains below 30.89, this bearish perspective remains confident.

Invalidation point: Don’t know yet.

Conclusion

Our analysis, forecast of contextual trends, and short-term outlook for ASX: RMD – RESMED INC 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: ResMed Inc 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.

EUR/USD remains offered below 1.1800, looks at US data

EUR/USD is still trading on the defensive in the latter part of Thursday’s session, while the US Dollar maintains its bid bias as investors now gear up for Friday’s key release of the PCE data, advanced Q4 GDP prints and flash PMIs.

GBP/USD bounces off monthly lows near 1.3430

GBP/USD is sliding in tandem with its risk-sensitive peers, drifting back towards the 1.3430 area, its lowest levels in the month. The move reflects a firmer Greenback, supported by another round of solid US data and a somewhat divided FOMC Minutes.

Gold drifts higher to near $5,000 on heightened US-Iran tensions

Gold price holds positive ground near $5,000 during the early Asian session on Friday. The precious metal edges higher as escalating tensions between the United States and Iran boost safe-haven demand. Traders brace for the preliminary reading of US Gross Domestic Product for the fourth quarter, the Personal Consumption Expenditures and the S&P Global Purchasing Managers Index data, which are due later on Friday.

Ethereum: Active addresses halt growth as US selling pressure eases

Ethereum network growth has declined after two months of explosive increase. US selling pressure has eased following an improvement in the Coinbase Premium Index. ETH extends its range-bound move below the $2,107 resistance and above $1,740 .

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.