Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with COMMONWEALTH BANK OF AUSTRALIA. - CBA. We see CBA.ASX with bullish potential wave ((iii)).
ASX: CBA Elliott Wave technical analysis
ASX: COMMONWEALTH BANK OF AUSTRALIA. - CBA 1D Chart (Semilog Scale) Analysis.
Function: Major trend (Minor degree, gray).
Mode: Motive.
Structure: Impulse.
Position: Wave (ii)-orange of Wave ((iii))-navy.
Details: Wave (i)-orange has just completed as a Diagonal, and wave (ii)-orange is unfolding to push lower. Diagonals are usually followed by sharp and strong corrections.
Invalidation point: 124.89.
ASX: CBA Elliott Wave technical analysis four-hour chart
Function: Major trend (Minor degree, grey).
Mode: Motive.
Structure: Impulse.
Position: Wave (ii)-orange of Wave ((iii))-navy.
Details: Wave (i)-orange has ended below the Diagonal, wave (ii)-orange is likely to unfold to push lower, the first target it could be aiming at is at 136.98, or maybe lower. After wave (ii)-orange ends, wave (iii)-orange could return to push higher.
Invalidation point: 124.89.
Conclusion
Our analysis, forecast of contextual trends, and short-term outlook for ASX: COMMONWEALTH BANK OF AUSTRALIA. - CBA 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.
Commonwealth Bank of Australia Elliott Wave forecast [Video]
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