ASX: REA GROUP LTD – REA Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with REA GROUP LTD – REA . We see REA.ASX possibly rising with wave ((iii))-navy.ASX: REA GROUP LTD – REA Elliott Wave Technical Analysis ASX: REA GROUP LTD – REA 1D Chart (Semilog Scale) AnalysisFunction: Major trend (Minor degree, gray)
Mode: Motive
Structure: Impulse
Position: Wave ((iii))-navy
Details: Wave ((ii))-navy just ended at the low at 187.27, and wave (((iii))-navy looks to be unfolding to push higher. While price must remain above 187.27 to maintain this view. Invalidation point: 187.27
ASX: REA GROUP LTD – REA Elliott Wave Technical Analysis TradingLounge (4-Hour Chart)ASX: REA GROUP LTD – REA Elliott Wave Technical Analysis ASX: REA GROUP LTD – REA 4-Hour Chart AnalysisFunction: Major trend (Minute degree, navy)
Mode: Motive
Structure: Impulse
Position: Wave (i)-orange of Wave ((iii))-navy Details: Since the low at 187.27, wave ((iii))-navy is unfolding to push higher. It is subdividing into wave (i)-orange itself, and should complete soon, at which point wave (ii)-orange will unfold to push lower. I would look for a Long Trade Setup when wave (ii)-orange finishes, to target wave (iii)-orange.
Invalidation point: 187.27
Conclusion: Our analysis, forecast of contextual trends, and short-term outlook for ASX: REA GROUP LTD – REA 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)More By This Author:Elliott Wave Technical Analysis: Silver – Monday, Aug. 12
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