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Woolworths Group Limited Elliott Wave technical forecast [Video]

Peter Mathers TradingLounge

ASX: Woolworths Group Limited - WOW Elliott Wave technical analysis

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with WOOLWORTHS GROUP LIMITED - WOW. We see WOW.ASX potentially pushing lower in the short term.

Analysis function: Major trend (Intermediate degree, orange)

Mode: Motive

Structure: Impulse

Position: Wave (2) - orange.

Details: Wave (1) - orange seems to have just finished with a five-wave pattern. Now, wave (2) - orange is unfolding to push lower. Targets are around 33.22 - 32.61. I will watch wave (2) to look for a long trade setup afterwards.

Invalidation point: 30.12

WOW Elliott Wave one-day chart

WOW Elliott Wave four-hour chart

Function: Major trend (Intermediate degree, orange)

Mode: Motive

Structure: Impulse

Position: Wave (2) - orange

Details: Wave (1) - orange has completed as a five-wave pattern. Now, it looks like wave (2) - orange is starting to unfold, potentially pushing lower. The first target is at 33.22, with further potential declines to 32.61 or 32.00.

Invalidation point: 30.12

Conclusion

Our analysis, forecast of contextual trends, and short-term outlook for ASX: WOOLWORTHS GROUP LIMITED - WOW 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 confidence in our perspective. By combining these factors, we strive to offer readers the most objective and professional perspective on market trends.

Woolworths Group 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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