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Light & Wonder Inc. Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

ASX: LNW Elliott Wave technical analysis

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) LIGHT & WONDER INC. – LNW. We see LNW pushing lower to complete wave 2-grey, then wave 3-grey could return to push much higher.

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

Function: Major trend (Intermediate degree, orange).

Mode: Motive.

Structure: Impulse.

Position: Wave 2-grey of Wave (3)-orange.

Details: Wave 1-grey just ended as a Diagonal, and wave 2-grey is unfolding to push lower, it could continue to push lower. Diagonals are often followed by Sharp movements, and deep corrections.

Invalidation point: 114.35.

ASX: LNW four-hour chart analysis

Function: Major trend (Minor degree, grey).

Mode: Motive.

Structure: Impulse.

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

Details: Since wave 1-grey ended, I see wave 2-grey unfolding as a Zigzag labeled ((a))((b))((c))-navy, it looks like wave ((b))-navy ended at the high of 145.67 and wave ((c))-navy is unfolding to push further down, targeting the next low around 124.51.

Invalidation point: 145.67.

Conclusion

Our analysis, forecast of contextual trends, and short-term outlook for ASX: LIGHT & WONDER INC. – LNW 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.

Light & Wonder Inc. 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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