Scentre Group (SCG) Elliott Wave technical forecast [Video]

Peter Mathers TradingLounge

ASX: Scentre Group (SCG) Elliott Wave technical analysis

Greetings, our latest Elliott Wave analysis focuses on the Australian Stock Exchange (ASX) with SCENTRE GROUP (SCG). We observe that wave ((ii)) - navy has concluded, and wave ((iii)) - navy may be set to advance.

One-day chart (semilog scale) analysis

Function: Major trend (Minute degree, navy).
Mode: Motive.
Structure: Impulse.
Position: Wave ((iii)) - navy.

Details: Wave ((ii)) - navy seems to have ended sooner than anticipated at a low of 3.14, and wave ((iii)) - navy is now poised to climb higher. I will monitor SCG for a potential Long Trade Setup shortly. The invalidation point stands at 3.14.

ASX: Scentre Group (SCG) four-hour chart analysis

Function: Major trend (Minuette degree, orange).
Mode: Motive.
Structure: Impulse.
Position: Wave i - grey of Wave (iii) - orange.

Details: Wave ((ii)) - navy appears to have bottomed at 3.14, with wave ((iii)) - navy unfolding into wave (iii) - orange. This further subdivides into wave i - grey, which seems to be concluding, followed by wave ii - grey potentially dipping slightly lower, before wave iii - grey drives higher. The invalidation point is 3.19.

Conclusion

Our analysis and forecast provide insights into the contextual trends and short-term outlook for ASX: SCENTRE GROUP (SCG). We aim to guide readers on effectively leveraging these trends. We specify key price points that serve as validation or invalidation signals for our wave count, bolstering confidence in our analysis. This approach strives to offer an objective and professional view of market trends.

Scentre Group (SCG) 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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