Woolworths Group Limited Elliott Wave technical forecast [Video]

ASX: WOW Elliott Elliott Wave technical analysis

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with WOOLWORTHS GROUP LIMITED - WOW. We see WOW is probably about to enter a Bull Market phase with wave ((iiii))-navy of wave 3-grey.

ASX: WOOLWORTHS GROUP LIMITED - WOW 1D Chart (Semilog Scale) Analysis.

Function: Major trend (Intermediate degree, orange). 

Mode: Motive. 

Structure: Impulse. 

Position: Wave ((ii))-navy of Wave (3)-orange. 

Details: Wave ((i))-navy has just ended, and wave ((ii))-navy seems to be unfolding to push lower, aiming at targets at 34.75 - 34.32. Finally, wave ((iii))-navy will return to continue pushing higher. 

Invalidation point: 32.98.

ASX: WOW four-hour chart analysis

Function: Major trend (Minute degree, navy). 

Mode: Motive. 

Structure: Impulse. 

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

Details: Wave ((ii))-navy is unfolding to push lower, I don't think it's over yet, as wave (a)-orange may have just completed, and wave (b)-orange is pushing a bit higher, then wave (c)-orange may come back to push lower, targeting the low around 78.60%. Finally wave ((iii))-navy may come back to push higher. 

Invalidation point: 120.59.

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 the 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]