Rea Group Ltd Elliott Wave technical forecast [Video]

ASX: REA GROUP LTD – REA Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with REA GROUP LTD – REA. We identified that wave 2-red may have just ended, and wave 3-red could push much higher.

ASX: REA Elliott Wave technical analysis  

Function: Major trend (Minor degree, red).

Mode: Motive.

Structure: Impulse.

Position: Wave (iii)-purple of Wave 3-red.

Details: The outlook suggests that wave 2-red has recently concluded, and wave 3-red is now unfolding to push higher. It is subdividing into waves (i) and (ii)-purple, which have ended, and wave (iii)-purple is opening up to push higher.  

Invalidation point: 175.19.

ASX: REA four-hour chart analysis

Function: Major trend (Minuette degree, purple).

Mode: Motive.

Structure: Impulse.

Position: Wave ii-blue of Wave (iii)-purple.

Details: The even shorter-term outlook shows that wave 2-red has completed in the pattern of ((w)), ((x)), ((y))-green, and now wave 3-red is unfolding. It is subdividing into waves (i) and (ii)-purple, which have completed. Currently, wave (iii)-purple is unfolding, and it is further subdividing into wave i-blue. Wave ii-blue is now unfolding to push slightly lower before wave iii-blue resumes to push higher.

Invalidation point: 175.19.

Conclusion  

Our analysis, forecast of contextual trends, and short-term outlook for ASX: REA GROUP LTD – REA 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.

Rea Group Ltd Elliott Wave technical forecast [Video]