Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with COMPUTERSHARE LIMITED. – CPU. We see CPU.ASX not ready to rally yet, there is a good chance that there will be another push lower before it really starts to move higher afterwards.ASX: COMPUTERSHARE LIMITED. – CPU 1D Chart (Semilog Scale) AnalysisFunction: Major trend (Minor degree, grey)Mode: MotiveStructure: ImpulsePosition: Wave ((b))-navy of Wave 2-greyDetails: Wave 1-grey has finished as a Diagonal, and wave 2-grey is unfolding to push lower, aiming for retracement targets at 50% – 61.8%, Diagonals are usually followed by deep and powerful moves. So this wave 2-grey will continue its role. And it is developing as a Zigzag, wave ((a))-navy is completed, now it is time for wave ((b))-navy to push a little higher.Invalidation point: 20.27  ASX: COMPUTERSHARE LIMITED. – CPU 4-Hour Chart AnalysisFunction: Counter trend (Minute degree, navy)Mode: MotiveStructure: ZigzagPosition: Wave ((b))-navy of Wave 2-greyDetails: Looking closer, wave 1-grey has ended as a Diagonal, and wave 2-grey is unfolding to push lower. Usually, after Diagonals, price action is usually sharp and strong, so wave 2-grey will continue to push lower, aiming for targets around 24.16 – 23.18. Wave 2-grey itself is developing as a Zigzag, and its wave ((b))-navy is pushing a bit higher, circling targets at 26.5 -27.2 – 28, after which wave ((c))-navy will return and push lower.Invalidation point: 28.76 Conclusion:Our analysis, forecast of contextual trends, and short-term outlook for ASX: COMPUTERSHARE LIMITED. – CPU 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.More By This Author:Elliott Wave Technical Analysis: Bitcoin Crypto Price News For Wednesday, Oct 9
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