TRENDING:

US NFP

GBP/USD

CSL Limited - CSL stock analysis and Elliott Wave technical forecast [Video]

Peter Mathers TradingLounge

ASX: CSL LIMITED - CSL Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart).

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with CSL LIMITED - CSL. We've identified that wave ((ii))-navy has recently bottomed out, and wave ((iii))-navy is now unfolding to push significantly higher.

ASX: CSL Limited - CSL Elliott Wave technical analysis

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

Function: Major trend (Minute degree, navy).

Mode: Motive.

Structure: Impulse.

Position: Wave ((3))-navy of Wave iii-grey of Wave ((iii))-navy.

Details: The short-term outlook indicates that wave ((ii))-navy has just completed, and wave ((iii))-navy is unfolding. It is subdividing into waves i, ii-grey and waves ((1)), ((2))-navy. Now, wave ((3))-navy can push higher, while the price must stay above 275.04, aiming for a target of 300.00.

Invalidation point: 275.04.

ASX: CSL LIMITED - CSL Elliott Wave Technical Analysis TradingLounge (4-Hour Chart).

ASX: CSL Limited - CSL Elliott Wave technical analysis

ASX: CSL LIMITED - CSL 4-Hour Chart Analysis.

Function: Major trend (Subminuette degree, grey).

Mode: Motive.

Structure: Impulse.

Position: Wave ((3))-navy of Wave iii-grey.

Details: The shorter-term outlook shows that wave ((2))-navy has bottomed with a Double Zigzag pattern. This suggests that wave ((3))-navy is unfolding to reach the 300.00 level. The price must stay above 275.04 to maintain this outlook.

Invalidation point: 275.04.

Conclusion

Our analysis, forecast of contextual trends, and short-term outlook for ASX: CSL LIMITED - CSL 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: CSL Limited - CSL 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.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD steadies near 1.1750 ahead of final Eurozone CPI amid fading USD recovery

The EUR/USD pair steadies around the 1.1750 area during the Asian session on Wednesday, and for now, seems to have stalled the previous day's sharp retracement slide from the highest level since September 24. Meanwhile, the fundamental backdrop remains tilted in favor of bullish traders and suggests that the path of least resistance for spot prices remains to the upside.

GBP/USD gains ground above 1.3400 on UK PMI optimism

The GBP/USD pair gains momentum to around 1.3425 during the early Asian session on Wednesday. The Pound Sterling edges higher against the Greenback on the upbeat UK preliminary S&P Global Purchasing Managers' Index data. Traders will take more cues from the Fedspeak later on Wednesday.

Gold advances to near seven-week highs amid US labor market cooling

Gold price extends its upside to near seven-week highs above $4,300 during the Asian trading hours on Wednesday. The precious metal gains momentum as the US labor market remains relatively resilient but shows signs of slowing. The mixed US employment report for November reinforces bets of further rate cuts by the US Federal Reserve and weighs on the US Dollar.

Top Crypto Gainers: SPX6900, Pi Network, Filecoin – Sudden rebound lifts bullish spirit

SPX6900, Pi Network, and Filecoin emerge as top gainers in the last 24 hours as the broader cryptocurrency market remains under bearish pressure. The sudden rebound in SPX, PI, and FIL suggests a possible rally, as the Moving Average Convergence Divergence indicator on the 4-hour chart flashes a buy signal.

Ukraine-Russia in the spotlight once again

Since the start of the week, gold’s price has moved lower, but has yet to erase the gains made last week. In today’s report we intend to focus on the newest round of peace talks between Russia and Ukraine, whilst noting the release of the US Employment data later on day and end our report with an update in regards to the tensions brewing in Venezuela.

BNB Price Forecast: BNB slips below $855 as bearish on-chain signals and momentum indicators turn negative

BNB, formerly known as Binance Coin, continues to trade down around $855 at the time of writing on Tuesday, after a slight decline the previous day. Bearish sentiment further strengthens as BNB’s on-chain and derivatives data show rising retail activity.