News Corporation Elliott Wave technical forecast [Video]

Peter Mathers TradingLounge

ASX: NEWS CORPORATION. – NWS Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart).

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with NEWS CORPORATION. – NWS. We determined there was going to be a good trading opportunity with NWS when wave (ii)-orange opened and then it ended.

ASX: NWS Elliott Wave technical analysis

Function: Major trend (Minor degree, grey).

Mode: Motive.

Structure: Impulse.

Position: Wave i-grey of Wave.

Details: The short-term outlook indicates that wave ((iv))-navy has just ended, and wave ((v))-navy is unfolding. It is subdividing into wave (i)-orange, which will soon complete, allowing wave (ii)-orange to unfold and push lower. This will provide a good trading setup with wave (ii)-orange.

Invalidation point: 36.62

ASX: NWS four-hour chart analysis

Function: Major trend (Minuette degree, purple)

Mode: Motive

Structure: Impulse

Position: Wave v-grey of Wave (i)-orange

Details: The shorter-term outlook indicates that wave (i)-orange is nearing completion, as it has subdivided into 5 waves. Wave (ii)-orange will soon unfold as an ABC pattern to push lower. We will look for a long trade setup when the price turns the 40 level into support.

Invalidation point: 36.62

Conclusion

Our analysis, forecast of contextual trends, and short-term outlook for ASX: NEWS CORPORATION. – NWS 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.

News Corporation Elliott Wave technical 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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