Elliott Wave Technical Forecast: ASX Limited -

Elliott Wave Technical Forecast: ASX Limited

Aug 01, 2024Jeremy ParkinsonFinance0

ASX: ASX Limited – ASX Elliott Wave Technical Analysis TradingLounge (1D Chart)Greetings, our Elliott Wave analysis today provides an update on the Australian Stock Exchange (ASX) ASX Limited – ASX. We are observing a slight pullback in the short term for ASX Limited with wave ((ii)) – navy, after which wave ((iii)) – navy is expected to return to push higher.ASX: ASX Limited – ASX Elliott Wave Technical AnalysisASX: ASX Limited – ASX 1D Chart (Semilog Scale) Analysis

Function: Major (Minor degree, gray)

Mode: Motive

Structure: Impulse

Position: Wave ((ii)) – navy of Wave 3 – grey

Details: Wave ((ii)) – navy is unfolding and could push down to 60.96 or lower; then wave ((iii)) – navy could return to push higher.

Invalidation point: 56.54

ASX: ASX Limited – ASX Elliott Wave Technical AnalysisTradingLounge (4-Hour Chart)ASX: ASX Limited – ASX Elliott Wave Technical AnalysisASX: ASX Limited – ASX 4-Hour Chart Analysis

Function: Major Trend (Minute degree, navy)

Mode: Motive

Structure: Impulse

Position: Wave (c) – orange of Wave ((ii)) – navy

Details: Wave ((ii)) – navy opened as an Expanded Flat, with wave (a) and wave (b) completed. Wave (c) is likely opening to push lower, potentially targeting around 62.07. I will monitor ASX.ASX for a Long Trade Setup.

Invalidation point: 56.54

Conclusion: Our analysis, forecast of contextual trends, and short-term outlook for ASX: ASX Limited – ASX aim to provide readers with insights into the current market trends and how to capitalize on them effectively. We provide specific price points that serve as validation or invalidation signals for our wave count, enhancing confidence in our perspective. By combining these elements, we strive to offer readers the most objective and professional perspective on market trends.Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).More By This Author:Elliott Wave Technical Analysis – Polkadot Crypto Price News For Thursday, August 1
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