Car Group Limited – CAR Elliott Wave technical analysis [Video]

Elliott Wave technical analysis – (daily chart)

Today's Elliott Wave update focuses on CAR GROUP LIMITED (ASX: CAR). Our current outlook indicates that the stock might have completed a wave (4) – orange corrective Zigzag, potentially paving the way for a bullish scenario. Below, we outline the future direction and critical invalidation points.

One-day chart – Technical overview (semilog scale)

• Trend type: Intermediate (Orange Degree).

• Wave mode: Motive.

• Structure type: Impulse.

• Current position: Wave ii)) navy of Wave (5) orange.

Details:

Wave (4) – orange seems to have concluded from the top near 42.71 to the bottom at 28.40, unfolding in an A-B-C Zigzag (grey). The C wave displays five clear sub-waves, signaling its likely completion. This implies that wave (5) – orange is now progressing. The initial segment i)) – navy is complete, and currently, wave ii)) – navy is in progress and expected to drop slightly more before wave iii)) – navy pushes higher.

• Invalidation point: 28.40 – If prices fall below this level, our current wave outlook is invalid.

Elliott Wave technical analysis – TradingLounge (four-hour chart)

• Trend type: Minor (Grey Degree).

• Wave mode: Motive.

• Structure type: Impulse.

• Current position: Wave ((ii)) navy of Wave (5) orange.

Details:

Since touching a low at 28.40, the market initiated wave i)) – navy, which has ended. Now, wave ii)) – navy appears to be retracing lower and is yet to conclude. After completion, we anticipate wave iii)) – navy to rise again, possibly approaching the previous high near 41.30.

• Invalidation point: 28.40 – Price must remain above this to confirm the bullish scenario.

Conclusion

Our Elliott Wave review for CAR GROUP LIMITED (ASX: CAR) offers insights into trend direction, structural completion, and actionable invalidation levels. By using objective price reference points, this analysis aims to support well-informed trading decisions.

Car Group Limited – CAR Elliott Wave technical analysis [Video]