Reece Limited Elliott Wave technical forecast [Video]

Peter Mathers TradingLounge

ASX: Reece Limited - REH Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with REECE LIMITED - REH. We have determined that wave (iv)-purple seems to have ended, and wave (v)-purple is being unfolded to push higher, towards the immediate target at around 30.00 - 31.10.

ASX: REH Elliott Wave technical analysis

Function: Major trend (Minor degree, red).

Mode: Motive.

Structure: Impulse.

Position: Wave (v)-purple of Wave ((v))-green of Wave 3-red.

Details: The short-term outlook indicates that Wave (iv)-purple has ended as expected, and wave (v)-purple is being opened to push higher. It is targeting a goal of 31.10, while price sustaining above the 27.05 support level is a significant advantage for this outlook.

Invalidation point: 25.87.

REH four-hour chart analysis

Function: Major trend (Subminuette degree, blue).

Mode: Motive.

Structure: Impulse.

Position: Wave iii-blue.

Details: The shorter-term outlook indicates that wave (iv) has concluded, and waves i and ii-blue have unfolded, and they also appear to have ended. Now is the time for wave iii-blue to unfold and push higher, aiming for an immediate target around 30.00. Maintaining a price above the support level at 27.05 is a significant advantage for this perspective. A decrease below that level indicates that wave ii-blue may extend longer than expected, and thereafter, wave iii-blue will also return to push higher.

Invalidation point: 27.05

Conclusion

Our analysis, forecast of contextual trends, and short-term outlook for ASX: REECE LIMITED - REH 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.

Reece Limited 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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