IAG Elliott Wave technical forecast [Video]

Peter Mathers TradingLounge

Elliott Wave Technical Analysis – TradingLounge.

Today’s Elliott Wave analysis covers the ASX-listed INSURANCE AUSTRALIA GROUP LIMITED – IAG.
Current movements suggest that ASX:IAG is concluding a B-grey wave and preparing for another downward leg. No bullish trend is currently visible, indicating that initiating a Long position could be high-risk.

IAG Elliott Wave technical analysis

Function: Major trend (Minor degree, grey).
Mode: Motive.
Structure: Impulse.
Position: Wave C-grey.

Analysis details:

Wave 3-orange concluded with a five-wave sequence. Wave 4-orange appears to be forming a downward Zigzag (A, B, C-grey). Wave A-grey has finalized. Wave B-grey likely completed as an Expanded Flat. Wave C-grey now seems to be progressing lower, targeting a minimum of 7.79.

Invalidation point: 9.03.

Function: Major trend (Minor degree, grey).
Mode: Motive.
Structure: Impulse.
Position: Wave C-grey.

Analysis details:

Zooming in, both A-grey and B-grey waves have ended. Since peaking at 9.03, the C-grey wave is expected to move downward. The first price target is 7.79, with extended targets between 7.42 and 7.10. To uphold this outlook, price must stay below 9.03.

Conclusion:

This analysis aims to deliver a concise technical perspective on ASX:IAG. It identifies key price levels as confirmation or invalidation signals. These insights, when integrated with sound trading principles, can guide better decision-making.

Technical analyst: Hua (Shane) Cuong, CEWA-M.

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.

EUR/USD treads water around 1.1900

EUR/USD edges a tad lower around the 1.1900 area, coming under mild pressure despite the US Dollar keeps the offered stance on turnaround Tuesday. On the US data front, December Retail Sales fell short of expectations, while the ADP four week average printed at 6.5K.

GBP/USD looks weak near 1.3670

GBP/USD trades on the back foot around the 1.3670 region on Tuesday. Cable’s modest retracement also comes in tandem with the decent decline in the Greenback. Moving forward, the US NFP and CPI data in combination with key UK releases should kee the quid under scrutiny in the next few days.

Gold the battle of wills continues with bulls not ready to give up

Gold comes under marked selling pressure on Tuesday, giving back part of its recent two day advance and threatening to challenge the key $5,000 mark per troy ounce. The yellow metal’s correction follows a better tone in the risk complex, a lower Greenback and shrinking US Treasuty yields.

AI Crypto Update: BankrCoin, Pippin surge as sector market cap steadies above $12B

The Artificial Intelligence (AI) segment is largely on the back foot with major coins such as Bittensor (TAO) and Internet Computer (ICP) extending losses amid a sticky risk-off sentiment.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.