Insurance Australia Group Limited analysis and Elliott Wave forecast [Video]

Peter Mathers TradingLounge

ASX: IAG Elliott Elliott Wave technical analysis

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with INSURANCE AUSTRALIA GROUP LIMITED – IAG. We see ASX:IAG possibly continuing to push lower with wave ((4))-navy in the coming period.

ASX: IAG one-day chart (semilog scale) analysis

Function: Major trend (Intermediate degree, orange).

Mode: Motive.

Structure: Impulse.

Position: Wave ((4))-navy.

Details: Wave ((3))-navy has most likely ended as a five-wave as I counted from (1)-orange to (5)-orange. So wave ((4))-navy is likely pushing lower, and will target around the 7.25 low. While price must remain below the 8.60 high to maintain this view.

Invalidation point: 8.60.

ASX: IAG four-hour chart analysis

Function: Major trend (Intermediate degree, orange).

Mode: Motive.

Structure: Impulse.

Position: Wave (C)-orange of Wave ((4))-navy.

Details: Looking closer, the ((4))-navy wave is developing as a Zigzag labeled (A)(B)(C)-orange or it can also be replaced with (1)(2)(3)-orange, it doesn't matter, as the price action will probably continue to push lower.

Invalidation point: 8.60.

Conclusion

Our analysis, forecast of contextual trends, and short-term outlook for ASX: INSURANCE AUSTRALIA GROUP LIMITED – IAG 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.

Insurance Australia Group Limited analysis and Elliott Wave 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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