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.

AUD/USD edges higher as hot CPI inflation and hawkish RBA lift rate hike bets

The AUD/USD pair gathers strength to near 0.7035 during the Asian trading hours on Friday. The Australian Dollar edges higher against the US Dollar as hotter Australian CPI inflation data has bolstered expectations of Reserve Bank of Australia rate hikes.

USD/JPY meets support near 157.00

USD/JPY retreats for the third consecutive day on Friday, revisiting the 157.00 region before attempting some recovery as investors continue to assess the latest BoJ meeting, where the central bank left rates unchanged, as widely anticipated.

Gold sinks to fresh yearly lows despite risk-off mood as Fed rate hike bets weigh

Gold slips to fresh year-to-date lows on Friday. The metal struggles despite a risk-off mood across markets, as expectations of further Federal Reserve (Fed) interest rate hikes continue to dominate price action, leaving Gold on track to end the month in negative territory.

Ripple Price Forecast: XRP bulls defend $1.20 as sell-side pressure triggers liquidations

Ripple (XRP) trades around $1.25 on Friday, rising from a short-term support level established at $1.20. This minor upward correction follows a sharp sell-off, triggered amid reports of a hack attack on the Binance exchange that impacted approximately $6.3 billion. The attack drove the broader crypto market on edge, as Binance suspended both deposits and withdrawals to contain the situation.

BoJ recap: A pause for now... but Japan has entered a new inflation phase

The Bank of Japan left its short-term policy rate unchanged at 1.25% but delivered a distinctly hawkish message on the risk of an inflation overshoot. The decision passed by 8-1, with board member Takata dissenting in favour of an increase to 1.5%, while Governor Kazuo Ueda stressed that the Bank would continue adjusting policy as needed.

The 2% inflation target came from a throwaway remark. It now moves trillions

The Federal Reserve's 2% inflation goal grew out of an off-the-cuff remark by a New Zealand politician in 1988. Bond investors still price long-term US debt as if 2% holds, so a change in how the Fed measures inflation would move markets.