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ASX stock analysis and Elliott Wave technical forecast [Video]

Peter Mathers TradingLounge

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 LMITED - ASX. We see that wave 2-grey seems to have ended as a Double Zigzag, and wave 3-grey is initially opening to push higher.

ASX: ASX Limited - ASX Elliott Wave technical analysis

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

Function: Major (Minor degree, grey).

Mode: Motive.

Structure: Impulse.

Position: Wave 3-grey.

Details: The short-term outlook indicates that wave 2-grey is extending longer than expected and continues to develop as a Double Zigzag. Wave ((x))-navy has recently completed, Wave ((y))-navy has some evidence of a conclusion .Wave 3-grey seems to be opening to push higher.

Invalidation point: 61.36.

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 (Minor degree, grey).

Mode: Motive.

Structure: Impulse.

Position: Wave 3-grey.

Details: The short-term outlook shows some evidence of wave 2-grey ending in the form of a Double Zigzag labeled wave ((w)),((x)),((y))-navy. And part of the subwaves of wave 3-grey are being opened. We will be looking for a Long Trade Setup as the ASX pushes above 65, and turns it into support.

Invalidation point: 61.36.

Conclusion

Our analysis, forecast of contextual trends, and short-term outlook for ASX: ASX LMITED - 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]

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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