WES Elliott Wave analysis and technical forecast [Video]

WES Elliott Wave technical analysis

Greetings, today’s Elliott Wave analysis updates the Australian Stock Exchange (ASX) with insights on WESFARMERS LIMITED (WES).
Currently, ASX: WES remains in a downtrend, forming a large corrective wave with no visible upside potential at this stage.

ASX: WESFARMERS LIMITED (WES) Elliott Wave technical analysis.

• Function: Major Trend (Minor Degree, Grey).

• Mode: Motive.

• Structure: Impulse.

• Position: Wave 4 - Grey of Wave (3) - Orange.

Details:

• Wave 3 - Grey has just completed, and Wave 4 - Grey is currently unfolding, pushing lower.

• The decline is expected to target around 65.30 initially.

• Given the sharpness of the movement, Wave 4 - Grey is likely forming a Zigzag labeled ((a))((b))((c)) - Navy.

• There is still a further push lower with Wave ((c)) - Navy before any reversal.

Invalidation point: Wave 3 - Grey’s end at 79.43

WES Elliott Wave technical analysis

• Function: Major Trend (Minute Degree, Navy).

• Mode: Motive.

• Structure: Impulse.

• Position: Wave ((a)) - Navy of Wave 4 - Grey.

Details:

• A closer look at Wave ((a)) - Navy suggests it is nearing completion.

• A push higher in Wave ((b)) - Navy is expected before the trend continues.

Invalidation Point: Wave 3 - Grey’s end at 79.43.

Conclusion:

Our analysis and forecast for ASX: WESFARMERS LIMITED (WES) provide insights into market trends and trading opportunities. We outline specific price points that act as validation or invalidation signals for our wave count, helping traders enhance confidence in market direction.
By integrating technical insights and Elliott Wave principles, we deliver an objective and professional perspective on WESFARMERS LIMITED’s price movements.

Elliott Wave Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).

WES Elliott Wave technical analysis [Video]