WTC stock analysis and Elliott Wave technical forecast [Video]

Peter Mathers TradingLounge

ASX: WISETECH GLOBAL LIMITED - WTC Elliott Elliott Wave Technical Analysis TradingLounge.

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with WOOLWORTHS GROUP LIMITED - WOW. We see ASX:WTC continuing to move higher with a 5-grey wave.

ASX: Wisetech Global Limited - WTC 1D chart (semilog scale) analysis

Function: Major trend (Minor degree, grey).

Mode: Motive.

Structure: Impulse.

Position: Wave 5-grey of Wave (3)-orange of Wave ((1))-navy.

Details: Wave 4-grey may have ended at the low around 97.90, and wave 5-grey is continuing to push higher.

Invalidation point: 97.90.

ASX: Wisetech Global Limited - WTC four-hour chart analysis

Function: Major trend (Minor degree, grey).

Mode: Motive.

Structure: Impulse.

Position: Wave ((iii))-navy of Wave 5-grey.

Details: Looking closer, perhaps wave 4-grey has ended, and since the low at 97.90 wave 5-grey is unfolding to push higher, which itself is subdividing into waves ((i)),((ii))-navy, and they have ended, and since the low at 112.12, it is now time for wave ((iii))-navy to move higher.

Invalidation point: 112.12.

Conclusion:

Our analysis, forecast of contextual trends, and short-term outlook for ASX: WISETECH GLOBAL LIMITED - WTC 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.

Technical analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).

ASX: Wisetech Global Limited [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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