Today’s Elliott Wave analysis provides an updated outlook on ARISTOCRAT LEISURE LIMITED (ALL) on the Australian Stock Exchange (ASX).We observe ASX:ALL continuing its upward movement in the short term. However, today’s analysis highlights crucial price levels that suggest potential changes in trend. These signals indicate the possibility of increasing bearish pressure over time.ASX: ARISTOCRAT LEISURE LIMITED (ALL) Elliott Wave Technical Analysis (1D Chart – Semilog Scale)
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The v-grey wave continues to move higher. However, attention must be given to the Alternative Wave Count (ALT WAVE COUNT), indicating that wave (iii) of the ((iii))-navy wave has just completed. If wave (iv)-orange unfolds further downward, it could confirm increased bearish pressure.If price levels fall below 66.82, this alternative scenario gains clarity.
ASX: ARISTOCRAT LEISURE LIMITED (ALL) 4-Hour Chart Analysis
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A closer look at the 66.82 level shows that the v-grey wave remains in an advancing phase. Additionally, emerging subwaves indicate the v-grey wave is extending.The next upward target remains achievable, specifically within the 76.61-78.75 range, where the ((3))-navy wave could fully develop.
ConclusionOur analysis provides an updated forecast on the contextual trends and short-term movements of ASX: ARISTOCRAT LEISURE LIMITED (ALL).We highlight key price levels that serve as validation or invalidation signals, helping traders enhance confidence in market direction. By incorporating these critical price points, we ensure an 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: NIFTY 50 Index (India) For Thursday, Feb 6
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