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ASX Elliott Wave technical forecast [Video]

Peter Mathers TradingLounge

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) Analysis.

Function: Major trend (Minor degree, gray).

Mode: Motive.

Structure: Impulse.

Position: Wave (i)-orange of Wave ((iii))-navy.

Details: Wave ((iii))-navy is unfolding to push higher. It is subdividing into wave (I) orange, which will essentially continue to push higher. Any subsequent large decline would suggest that wave (ii) orange is unfolding to push lower. Eventually, wave (iii)-orange will return to continue to push higher.

Invalidation point: 187.27

ASX: REA GROUP LTD – REA Elliott Wave Technical Analysis TradingLounge (4-Hour Chart) l.

ASX: REA GROUP LTD – REA Elliott Wave technical analysis

ASX: REA GROUP LTD – REA 4-Hour Chart Analysis.

Function: Major trend (Minute degree, navy).

Mode: Motive.

Structure: Impulse.

Position: Wave (i)-orange of Wave ((iii))-navy.

Details: Since the low of 172.49, the ((i)),((ii))-navy waves have been unfolding, and they have ended. The ((iii))-navy wave is starting its role since the low of 187.27, which itself is subdividing into the (i)-orange wave. Basically, it continues to push a little higher, possibly aiming at the target at 222.90. But the (i)-orange wave has pushed quite high, so it could end at any moment. The push below the low of 207.58 shows that the (ii)-orange wave is unfolding.

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).

ASX: REA GROUP LTD – REA 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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