ASX: CAR Elliott Wave technical analysis
Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) CAR GROUP LIMITED – CAR. We see CAR.ASX pushing higher, but it will take some time until the wave count reaches its highest probability through enough price action evidence.
ASX: CAR one-day chart (semilog scale) analysis
Function: Major trend (Minor degree, gray).
Mode: Motive.
Structure: Impulse.
Position: Wave (iii)-orange of Wave ((v))-navy.
Details: Wave (iii)-orange is unfolding to push higher, towards the nearest target at 40.00 - 41.00. Some signs have been suggesting that the ALT wave count scenario, which suggests that the entire wave (ii)-orange will last longer than expected, is starting to gain weight.
Invalidation point: 36.16.
ASX: CAR four-hour chart analysis
Function: Major trend (Minute degree, navy).
Mode: Motive.
Structure: Impulse.
Position: Wave (iii)-orange of Wave ((v))-navy.
Details: Looking closer, wave (i)-orange has ended, and wave (ii)-orange looks like it has too. Wave (iii)-orange may be starting to unfold to push higher, but that is uncertain. I see quite a bit of weakness in this wave count, and the instability of the structure also suggests that wave (ii)-orange may be extending longer than expected. So, I think we should wait patiently for a bit more time for things to clear up, then we will join this trend later.
Invalidation point: 36.16.
Conclusion
Our analysis, forecast of contextual trends, and short-term outlook for ASX: CAR GROUP LIMITED – CAR 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.
Car Group Limited Elliott Wave technical analysis [Video]
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