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.

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