ASX: COLES GROUP LIMITED (COL) Elliott Wave Technical Analysis – TradingLoungeIntroductionOur Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with COLES GROUP LIMITED (COL). We anticipate a potential short-term rally for COL, followed by a pullback to lower levels.ASX: COLES GROUP LIMITED (COL) Elliott Wave Technical Analysis – 1D Chart (Semilog Scale)
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Wave (3) – orange has just ended, and wave (4) – orange is currently unfolding, indicating a further decline. Wave (4) has been sharp and bearish. Close attention will be given until there is sufficient evidence of wave (5) – orange beginning.
ASX: COLES GROUP LIMITED (COL) 4-Hour Chart Analysis
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On the 4-hour chart, wave (4) – orange is likely developing as a Zigzag. Wave A – grey has already completed, and wave B – grey is expected to push higher shortly. Afterward, wave C – grey may push lower, completing the fourth wave. The depth of wave four’s retracement is notable, so monitoring the upcoming developments is critical.Invalidation Point: 17.15
ConclusionOur analysis and short-term forecast of ASX: COLES GROUP LIMITED (COL) aims to provide insight into the current market trends and potential opportunities. We present specific price points for validation or invalidation of our wave counts, boosting the confidence in our perspective. With these elements, we strive to offer an objective and professional outlook on market movements.Technical Analyst:Hua (Shane) Cuong, CEWA-M (Master’s Designation)More By This Author:Elliott Wave Technical Analysis: Euro/U.S. Dollar – Monday, Oct. 21
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