ASX Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

ASX: ASX LIMITED – ASX Elliott Wave technical analysis TradingLounge (one day chart).

Today's Elliott Wave analysis updates the Australian Stock Exchange (ASX) and ASX LIMITED – ASX.

We observe significant upside potential, particularly in the third wave of the third wave, which suggests substantial growth for ASX LIMITED. This analysis provides insights into potential market trends and identifies key confirmation points for trend shifts.

ASX one day chart (semilog scale) analysis

Function: Major trend (Minor degree, grey).
Mode: Motive.
Structure: Impulse.
Position: Wave ((iii)) - navy of Wave 3 - grey.

Details:

We observe that wave 3 - grey is likely unfolding as an extended wave, with wave ((iii)) - navy continuing to push higher. This pattern reinforces the significant upside potential associated with the third wave of the third wave.

Invalidation point: 60.20.

ASX four-hour chart analysis

Function: Major trend (Minor degree, grey).
Mode: Motive.
Structure: Impulse.
Position: Wave (v) - orange of Wave ((iii)) - navy.

Details:

By examining the 4-hour chart, we gain a clearer perspective on the wave development structure. Specifically, wave (iv) - orange appears to have completed, and the market is now advancing with wave (v) - orange, targeting a price level of 68.99 or higher.

To sustain this outlook, the price must remain above 65.06.
Invalidation point: 65.05.

Conclusion:

Our analysis provides insights into contextual trends and short-term market outlook for ASX: ASX LIMITED – ASX. By identifying specific validation and invalidation price levels, we enhance confidence in our wave count.

Through a structured approach to Elliott Wave analysis, we aim to present an objective and professional view of market trends, allowing traders to capitalize on key opportunities.

Technical analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).

ASX Elliott Wave technical analysis TradingLounge [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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