Wave (3) - orange recently concluded as a five-wave sequence labeled 1-grey to 5-grey.
Currently, Wave (4) - orange is likely pushing lower, targeting 6.982 as the next key level.
A long-term bullish wave (5) - orange scenario is unlikely. Instead, we may have completed just the first phase of an ABC Zigzag within Wave (4) - orange.

Invalidation point: 9.210

ASX: Insurance Australia Group Limited (IAG) Elliott Wave technical analysis

Four-hour chart analysis

Function: Major trend (Intermediate degree, orange).
Mode: Motive.
Structure: Impulse.
Position: Wave A - grey of Wave (4) - orange.

Details:

Looking closely at Wave (4) - orange, it continues unfolding lower.
The structure appears to be an A-B-C correction (grey).
Wave A - grey is nearly complete, setting up for further downside movement with Wave C - grey.

Invalidation point: 9.210.

Conclusion

Our Elliott Wave analysis and forecast for ASX: INSURANCE AUSTRALIA GROUP LIMITED (IAG) aim to provide valuable insights into market trends and potential opportunities.

We identify specific price validation and invalidation levels to improve confidence in the wave count, helping traders make informed decisions. By incorporating these elements, we strive to present an objective and professional market perspective.

Insurance Australia Group Limited (IAG) 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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