NWS Elliott Wave technical forecast [Video]

Today’s Elliott Wave update brings a detailed analysis of NEWS CORPORATION – NWS, listed on the Australian Stock Exchange (ASX). Our analysis identifies that ASX:NWS is currently in a corrective wave phase. These corrective phases are typically followed by Motive waves, which present potential opportunities for further gains in the stock. This report provides a closer look into that scenario.

NWS Elliott Wave technical analysis

• Function: Major trend (Primary degree, Navy).

• Mode: Motive.

• Structure: Impulse.

• Position: Wave (C) - orange of Wave ((B)) - navy.

Details:

The stock recently completed a significant five-wave rally, peaking near 56.62. Following this, a corrective wave has started to unfold in the form of an ABC pattern (navy), likely driving the price lower. The anticipated target zone lies around 39.89.

• Invalidation point: 47.14.

NWS four-hour chart analysis

• Function: Major trend (Minute degree, navy).

• Mode: Motive.

• Structure: Impulse.

• Position: Wave (A) - orange of Wave ((B)) - navy.

Details:

Zooming into the recent market activity, since the peak at 56.62, Wave ((A)) - navy has completed at a low near 46.74. The next phase, Wave ((B)) - navy, is now rising in a Zigzag pattern marked as (A)(B)(C) - orange. The price could see a short-term upward movement before Wave ((C)) - navy turns downward again.

• Invalidation point: 47.14.

Conclusion:

Our technical analysis of NEWS CORPORATION – NWS provides insight into both the broader market trends and short-term price movements. With defined validation and invalidation levels, traders are better positioned to navigate market volatility and make informed decisions. Our objective is to deliver a professional and accurate Elliott Wave outlook.

Technical analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).

NWS Elliott Wave technical analysis [Vidoe]