IAG Elliott Wave technical forecast [Video]
![IAG Elliott Wave technical forecast [Video]](https://editorial.fxsstatic.com/images/i/supermicro-01_XtraLarge.jpg)
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.
