Car Group Limited – CAR Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

ASX: CAR Elliott Wave technical analysis

Today’s Elliott Wave review covers CAR GROUP LIMITED (ASX:CAR), listed on the Australian Stock Exchange. Based on our current chart patterns, it appears that the stock has recently completed a corrective wave labeled (4) – orange, in the form of a Zigzag pattern. This may indicate an upward trend could follow, opening up potential for bullish movement. This brief technical outlook outlines the forecasted direction and the critical price points that support this wave structure.

One-day chart (semilog scale) review

Function: Intermediate trend (orange label).
Mode: Motive.
Structure: Impulse.
Current wave position: Wave iii)) – navy, within Wave (5) – orange.

Analysis overview:

Wave (4) – orange likely concluded at the $28.40 level, forming a Zigzag pattern with subwaves A, B, and C (grey). Subwave C counts as a completed five-wave move, suggesting it has finalized. This supports the idea that Wave (5) – orange is now underway. The ongoing movement in wave iii)) – navy is targeting the resistance zone between $39.68 and $40.00.

Invalidation point:

If the price dips below $31.73, this wave outlook would need to be reassessed.

Four-hour chart

Function: Minor trend (grey label).
Mode: Motive.
Structure: Impulse.
Current wave position: Wave ((iii)) – navy of Wave (5) – orange.

Chart focus:

From the $31.73 high, wave iii)) – navy is progressing upward. Holding above $31.73 is essential to validate this interpretation.

Invalidation point:

A decline below $31.73 would require the wave count to be revisited.

Conclusion

This Elliott Wave analysis for ASX: CAR GROUP LIMITED (CAR) highlights key insights into potential future trends and entry points. The levels shared serve as crucial reference markers for either confirming or invalidating the current forecast. These technical signals help reinforce confidence in the Elliott Wave reading and serve as a guide for strategic market positioning.

Car Group Limited – CAR 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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