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Goodman Group Elliott Wave technical forecast [Video]

Peter Mathers TradingLounge

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with ARISTOCRAT LEISURE LIMITED - ALL. We see GMG about to push higher in the short term with a grey v-wave.

ASX: GMG one-day chart analysis

Function: Major trend (Minute degree, navy).

Mode: Motive.

Structure: Impulse.

Position: Wave v-grey of Wave (iii)-orange of Wave ((iii))-navy.

Details: Wave iv-grey has ended, and wave v-grey is unfolding to push higher, aiming at targets around 38.00 - 40.00, we will analyze in more detail on the 4H chart.

Invalidation point: 31.73.

ASX: GMG four-hour chart analysis

Function: Major trend (Subminuette degree, grey).

Mode: Motive.

Structure: Impulse.

Position: Wave ((4))-navy of Wave ((5))-navy.

Details: Wave ((3))-navy is probably over and wave ((4))-navy is unfolding to push lower as a Triangle. And after the Triangle is over, we can return to wave ((5))-navy, which will take us up to 38.00 - 40.00. While price must remain above 35.57 to maintain the view that the Triangle is unfolding.

Invalidation point: 33.76.

Conclusion

Our analysis, forecast of contextual trends, and short-term outlook for ASX: GOODMAN GROUP – GMG 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.

Goodman Group Elliott Wave technical forecast [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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