Today’s Elliott Wave analysis presents an updated outlook on the Australian Stock Exchange (ASX) for Unibail-Rodamco-Westfield (URW).We anticipate upside potential for ASX: URW in the near term. The short-term outlook focuses on awaiting a pullback with the second wave, which will provide an opportunity to identify high-quality long trade setups. This analysis outlines when to stay on the sidelines and when to enter positions in a structured and intuitive manner.ASX:URW Elliott Wave Technical Analysis – 1D Chart (Semilog Scale)Analysis
- Wave ((iii)) – navy is trending higher. A pullback around 6.50 with a corrective wave may create a potential long trade setup.
- On a smaller scale, wave (i) – orange is nearing completion. The expected decline in wave (ii) – orange will present a good buying opportunity for long trade setups.
ASX:URW 4-Hour Chart Analysis
- A closer look at the 4H chart suggests that wave (i) – orange is nearing completion.
- Since this wave has already extended significantly, a stop-loss level around 5.89 is required for long trades, but it may not be optimal.
- Instead, waiting for a pullback to enter a long position will allow for a tighter and more efficient stop level.
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation)More By This Author:Elliott Wave Trading Strategies: Top Market Analysis For SP500, Nasdaq & Tech Stocks
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