Brambles Limited Elliott Wave technical forecast [Video]

Peter Mathers TradingLounge

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with BRAMBLES LIMITED - BXB. We see BXB could continue to push higher with a v-grey wave.

BXB Elliott Elliott Wave technical analysis

Function: Major trend (Minuette degree, orange).

Mode: Motive.

Structure: Impulse.

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

Details: Wave iv-just ended recently, and perhaps wave v-grey is unfolding and extending to push higher. It could target the high at 20.58 while price must remain above 17.99 to maintain this view.

Invalidation point: 17.99.

BXB one-day chart

ASX: BXB four-hour chart analysis

Function: Major trend (Minute degree, navy).

Mode: Motive.

Structure: Impulse.

Position: Wave ((3))-navy of Wave v-grey.

Details: Looking closer, the v-grey wave is extending, itself subdividing into ((1))-navy and ((2))-navy, both of which have already ended. Now the ((3))-navy wave seems to be unfolding to push higher, targeting the recent highs at 19.49 - 19.84. A push above these targets would see further upside, targeting 20.58. While price must remain above 17.99 to maintain this view.

Invalidation point: 17.99.

Conclusion

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

Brambles Limited Elliott Wave technical forecast [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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