CAR Elliott Wave technical analysis [Video]

CAR Elliott Wave technical analysis

Today’s Elliott Wave analysis updates the outlook for CAR GROUP LIMITED – CAR, listed on the Australian Stock Exchange (ASX). We anticipate upward movement in CAR shares, with the current correction (Wave 4) nearly complete, setting the stage for a potential advance through Wave 5.

ASX: CAR GROUP LIMITED – CAR 1D chart (Semilog scale) technical overview

• Function: Major Trend (Intermediate Degree – Orange).

• Mode: Motive.

• Structure: Impulse.

• Current wave position: Wave C (Grey) of Wave (3) (Orange).

Details:

Wave (3) (Orange) concluded near $42.71. The market is now correcting through Wave (4) (Orange), forming an A-B-C Zigzag (Grey). This wave is nearing completion and a move higher via Wave (5) (Orange) is expected.

• Invalidation Point: $41.30

ASX: CAR GROUP LIMITED – CAR

• Function: Major Trend (Minor Degree – Grey).

• Mode: Motive.

• Structure: Impulse.

• Current wave position: Wave ((v)) (Navy) of Wave C (Grey) of Wave (4) (Orange).

Details:

Following the $41.30 high, the C wave (Grey) is unfolding downward in a five-wave structure. The final leg, Wave ((v)) (Navy), appears close to completion. A move above $34.05 would be an early signal that Wave (5) (Orange) is beginning.

• Invalidation point: $41.30.

• Confirmation point: $34.05.

Conclusion

This Elliott Wave analysis outlines both medium and short-term scenarios for CAR GROUP LIMITED – CAR. Specific price points like $41.30 and $34.05 serve as key validation or invalidation levels, improving the accuracy of our forecast. Our goal is to provide professional insights that help traders understand and navigate current market conditions effectively.

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

CAR Elliott Wave technical analysis [Video]