ASX stock analysis and Elliott Wave technical forecast [Video]

ASX: ASX LIMITED - ASX Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart).

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with ASX LIMITED - ASX. We've identified that wave 2-re has recently bottomed out, and wave 3-red is now unfolding to push significantly higher.

ASX: ASX Limited - ASX Elliott Wave technical analysis  

ASX: ASX LIMITED - ASX 1D Chart (Semilog Scale) Analysis.

Function: Major (Minor degree, red).

Mode: Motive.

Structure: Impulse.

Position: Wave (iii)-purple of Wave 3-red.

Details: Short-term outlook suggests that the 2-red wave has just concluded, and the 3-red wave may be ready to resume its upward movement. We are waiting for a smaller ABC Correction to have a good Long Trade Setup.

Invalidation point: 61.71.  

ASX: ASX LIMITED - ASX Elliott Wave Technical Analysis TradingLounge (4-Hour Chart).

ASX: ASX Limited - ASX Elliott Wave technical analysis

ASX: ASX LIMITED - ASX 4-Hour Chart Analysis.

Function: Major trend (Minuette degree, purple).

Mode: Motive.

Structure: Impulse.

Position: Wave ((2))-red of Wave (iii)-purple.  

Details: The shorter-term outlook indicates that wave (ii)-purple has bottomed, and wave (iii)-purple appears to be unfolding, still in its initial stages. Waves ((1))-red and ((2))-red are developing, and after wave ((2))-red concludes, wave ((3))-red should return to push higher, potentially increasing to the medium level around 65 in the short term.

Invalidation point: 65.35.

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.

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

ASX: ASX Limited - ASX Elliott Wave technical analysis [Video]