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]
As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.
Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.
Recommended content
Editors’ Picks
GBP/USD hovers around 1.2750 on UK election day
![GBP/USD hovers around 1.2750 on UK election day](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/GBPUSD/iStock-689067954_XtraSmall.jpg)
GBP/USD is trading sideways near 1.2750 in the European session on Thursday. A broadly softer US Dollar keeps the pair afloat but traders refrain from placing fresh bets on the Pound Sterling, as UK voters head to polls.
EUR/USD steadies below 1.0800 ahead of ECB Accounts
![EUR/USD steadies below 1.0800 ahead of ECB Accounts](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/EURUSD/usd-eur-banknotes-58361490_XtraSmall.jpg)
EUR/USD keeps its range below 1.0800 in the European morning on Thursday. This upside is attributed to a decline in the US Dollar due to the escalated speculations of a September Fed rate cut. ECB Accounts is next in focus.
Gold trades with caution above $2,350, as focus shifts to US NFP
![Gold trades with caution above $2,350, as focus shifts to US NFP](https://editorial.fxstreet.com/images/Markets/Commodities/Metals/Gold/stacked-gold-bars-13094022_XtraSmall.jpg)
Gold price has reversed early gains to trade cautiously above $2,350 on Thursday. Sustained US Dollar weakness alongside sluggish US Treasury bond yields keeps the downside in Gold price capped amid the July 4 US holiday-thinned market conditions. Friday's NFP data eyed.
Binance coin poised for an 11% crash
![Binance coin poised for an 11% crash](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Coins/BinanceCoin/binance_coin_logo_XtraSmall.jpg)
Binance Coin breached its ascending trendline support on Wednesday and declines 3% on Thursday. On-chain analysis reveals a long-to-short ratio below one, indicating bearish sentiment and suggesting a potential price downturn for BNB in the days ahead.
Global strategy 3Q 2024
![Global strategy 3Q 2024](https://editorial.fxstreet.com/images/Strategy/TrendFollowing/following-the-trend-indicator-gm452676099-30003628_XtraSmall.jpg)
The latest economic and inflation data support a normalisation of monetary policy. The ECB started by cutting interest rates for the first time in June, while the US Fed is still waiting.