COH Elliott Wave technical forecast [Video]

COH Elliott Wave technical analysis

Today’s Elliott Wave update from TradingLounge focuses on COCHLEAR LIMITED - COH, a key player on the Australian Stock Exchange (ASX). Based on current analysis, COH may have completed a Wave 2 correction and is now beginning a Wave 3 rally, which could signal further upside. This article highlights the next price target, the invalidation level of our wave count, and the possible medium-term trend for this stock.

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

• Mode: Motive.

• Structure: Impulse.

• Position: Wave 5)) - navy.

Details:

It appears that Wave 4)) - navy ended with a three-wave corrective move labeled A, B, C) - orange. The price action now hints at the start of Wave 5)) - navy, likely pushing the stock higher. This wave could drive the price back toward the $350.00 level, which marked the top of Wave 3)) - navy.

• Invalidation point: 246.52.

COH Elliott Wave technical analysis

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

• Mode: Motive.

• Structure: Impulse.

• Position: Wave B - grey of Wave 2) - orange.

Details:

On the shorter timeframe, following a Diagonal Wave 1) - orange, COH experienced a strong decline during Wave 2) - orange, forming a classic Zigzag pattern. This corrective wave appears to have ended at 246.52, setting the stage for Wave 3) - orange. This next move could aim for $300.50 or potentially higher.

• Invalidation point: 246.52.

Conclusion

Our forecast aims to give a clear picture of COCHLEAR LIMITED - COH’s technical outlook. We outline both medium-term and short-term trends to help traders act confidently. By identifying precise validation and invalidation levels, we enhance the clarity and reliability of our wave counts. This approach helps traders make informed decisions based on clear, professional market analysis.

COH Elliott Wave technical analysis [Video]