Wave ((3)) - navy recently concluded as a five-wave sequence, labeled from (1) - orange to (5) - orange.
Wave ((4)) - navy is likely moving lower, targeting 6.78 USD.
A long-term bullish move is not anticipated for Wave (5) - orange. Instead, the market appears to have completed the first leg of an ABC Zigzag within Wave ((4)) - navy.
Invalidation Point: The end of Wave ((3)) - navy

ASX: INSURANCE AUSTRALIA GROUP LIMITED (IAG) Elliott Wave Technical Analysis – TradingLounge (4-Hour Chart).

Four-hour chart analysis

Function: Major trend (Minute degree, navy).
Mode: Motive.
Structure: Impulse.
Position: Wave (B) - orange of Wave ((4)) - navy.

Details:

The Wave ((4)) - navy structure continues to unfold, pushing lower.
It is developing as a (A)-(B)-(C) - orange formation.
The (B) - orange wave is nearly complete and is expected to lead to a downward move with (C) - orange.
Invalidation Point: 15.06 USD
Key Point: The end of Wave ((3)) - navy

Conclusion

Our analysis provides contextual trends and short-term market forecasts for ASX: INSURANCE AUSTRALIA GROUP LIMITED (IAG), helping traders capitalize on market movements effectively.

We identify key price points that serve as validation or invalidation markers for our wave count, increasing confidence in our outlook. By integrating these elements, we aim to deliver an objective and professional perspective on market trends.

Technical analyst:

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

IAG 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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