Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with WOODSIDE ENERGY GROUP LTD - WDS. We ascertain that wave ((iv))-green is evolving as a Triangle Correction, and its wave (c)-purple may continue to rise a bit further. And after the entire Triangle Correction concludes with wave ((iv)), wave ((v))-green will return to push lower.
ASX: WDS Elliott Wave technical analysis
Function: Major trend (Minute degree, green).
Mode: Motive.
Structure: Impulse.
Position: Wave ((iv))-green.
Details: The short-term outlook suggests that wave ((iv))-green has been initiated, with expectations of it forming a corrective Triangle pattern. Therefore, it can be inferred that wave ((iv)) will likely continue to move sideways for some time before wave ((v))-green resumes to push lower.
Invalidation point: 33.08
ASX: WDS Elliott Wave technical analysis
Function: Counter trend (Minuette degree, purple).
Mode: Corrective.
Structure: Triangle.
Position: Wave (c)-purple.
Details: The shorter-term outlook further describes the detailed subdivisions of wave ((iv))-green as a Triangle Correction. Waves (a) and (b)-purple have completed, and now wave (c)-purple is unfolding. Typically, wave (c) exhibits a common retracement ratio compared to wave (a) within a Triangle Correction, and the target for this ratio is around 31.36. Therefore, we can expect wave (c) to rise to test that resistance level.
Invalidation point: 33.08
Conclusion
Our analysis, forecast of contextual trends, and short-term outlook for ASX: FORTESCUE LTD – FMG 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.
ASX: WDS Elliott Wave technical analysis [Video]
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