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James Hardie Industries Plc Elliott Wave forecast [Video]

Peter Mathers TradingLounge

ASX: JHX Elliott Wave technical analysis

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with JAMES HARDIE INDUSTRIES PLC - JHX . We see that JHX can still continue to push lower. Eventually, the ((3))-navy wave can return to push much higher.

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

Function: Major trend (Intermediate degree, Orange).

Mode: Motive.

Structure: Impulse.

Position: Wave c-grey of Wave (2)-orange.

Details: The B-grey wave has ended, and the C-grey wave is unfolding to push lower, it could push down to around 40.37.

Invalidation point: 59.53.

ASX: JHX four-hour chart analysis

Function: Major trend (Intermediate degree, orange).

Mode: Motive.

Structure: Impulse.

Position: Wave C-grey of Wave (2)-orange.

Details: Since the high around 59.53, the C-grey wave is unfolding to push lower, I don't think it's over yet, and it will at least continue to target lower levels like 47.06 or lower. While price must remain below 59.53 to maintain this view. A push above that level suggests that the (3)-orange wave may have returned and pushed higher.

Invalidation point: 59.53.

Conclusion

Our analysis, forecast of contextual trends, and short-term outlook for ASX: JAMES HARDIE INDUSTRIES PLC - JHX 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.

James Hardie Industries Plc 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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