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CAR Elliott Wave technical analysis [Video]

CAR Elliott Wave technical analysis

Today's Elliott Wave update on the Australian Stock Exchange (ASX) focuses on CAR GROUP LIMITED – CAR.

Our current analysis suggests that ASX:CAR may have recently completed a corrective phase, specifically wave (4) - orange, in a Zigzag form. This scenario increases the likelihood of a bullish continuation. This brief update highlights the potential upcoming trend and critical invalidation level that supports this outlook.

  • Function: Major trend (Intermediate degree, orange).

  • Mode: Motive.

  • Structure: Impulse.

  • Position: Wave (5) - orange.

Details:

Wave (4) - orange appears to have developed following the peak near 42.71 and may have completed at the low of 28.40 as a Zigzag labeled A, B, C - grey. The C - grey leg contains a completed five-wave sequence, which supports the idea that wave (5) - orange has begun. The first subwave, i)) - navy, seems nearly complete, indicating a likely upward move via the next wave, i)) - navy.

  • Invalidation point: 28.40 (Price must remain above this level to validate this scenario.).

  • Function: Major trend (Minor degree, grey).

  • Mode: Motive.

  • Structure: Impulse.

  • Position: Wave ((ii)) - navy of Wave (5) - orange.

Details:

From the low at 28.40, wave i)) - navy has completed. Now, wave ii)) - navy is developing and pulling back slightly. This correction may not yet be finished. If so, wave iii)) - navy could follow, with a potential target near the previous high of 41.30.

  • Invalidation Point: 28.40 (Maintaining levels above this price is crucial to confirm this wave structure.)

Conclusion:

This analysis and forecast aim to guide traders by highlighting current market dynamics and identifying key trend signals for ASX: CAR GROUP LIMITED – CAR. Our outlined price levels act as validation or invalidation zones, helping improve the reliability of the wave count and supporting more confident trading decisions. Through this approach, we provide a precise and professional insight into market behavior.

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

CAR Elliott Wave technical analysis [Video]

Author

Peter Mathers

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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