Wesfarmers Limited Elliott Wave technical forecast [Video]

Peter Mathers TradingLounge

ASX: WESFARMERS LIMITED – WES Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart).

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with WESFARMERS LIMITED – WES. We see WES could continue to push lower with the fourth wave.

WES Elliott Wave technical analysis

Function: Major trend (Minute degree, navy).

Mode: Motive.

Structure: Impulse.

Position: Wave 4-grey of Wave (3)-orange.

Details: Wave 4-grey is unfolding to push lower, it may continue towards the lower edge of the Channel, or the target at 63.06. Analysis of the 4H chart will clarify its internals in more detail.

Invalidation point: 52.79.

ASX: WES one-hour chart analysis

ASX: WES four-hour chart analysis

Function: Counter trend (Minute degree, navy).

Mode: Corrective.

Structure: Zigzag.

Position: Wave (c)-orange of Wave ((b))-navy.

Details: Wave ((a))-navy has finished, and wave ((b))-navy will probably need a little more time to complete, it may be developing as a Triangle, labeled from wave (a)-orange to (e)-orange. After completion, wave ((c))-navy will return to continue pushing lower, towards the targets mentioned.

Invalidation point: 77.17.

Conclusion

Our analysis, forecast of contextual trends, and short-term outlook for ASX: WESFARMERS LIMITED – WES 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.

Wesfarmers 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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