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ASX Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with ASX LIMITED - ASX. We observe that ASX LIMITED is approaching the end of wave 2-grey, but needs more evidence on price action for confirmation, also allowing wave 3-grey to be opened to push higher thereafter.

ASX: ASX Limited - ASX Elliott Wave technical analysis

ASX: ASX LIMITED - ASX 1D Chart (Semilog Scale) Analysis.

Function: Major (Minor degree, grey).

Mode: Motive.

Structure: Impulse.

Position: Wave 3-grey.

Details: The short-term outlook shows some evidence that wave 2-grey has ended. Wave 3-grey appears to be unfolding to push higher.

Invalidation point: 58.17.

ASX: ASX LIMITED - ASX Elliott Wave Technical Analysis TradingLounge (4- Hour Chart).

ASX: ASX Limited - ASX Elliott Wave technical analysis

ASX: ASX LIMITED - ASX 4-Hour Chart Analysis.

Function: Major Trend (Minor degree, grey).

Mode: Motive.

Structure: Impulse.

Position: Wave iii-grey of Wave (iii)-orange.

Details: The shorter-term outlook shows that wave (iii)-orange is unfolding, and it is subdividing into waves i,ii,iii-grey; Now wave iii-grey continues to push higher, aiming for targets like 62.07 or 62.99 or even beyond.

Invalidation point: 59.06.

Conclusion

Our analysis, forecast of contextual trends, and short-term outlook for ASX: ASX LIMITED - ASX 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).

ASX: ASX Limited - ASX Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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