Insurance Australia Group Limited analysis and Elliott Wave forecast [Video]

Peter Mathers TradingLounge

ASX: IAG Elliott Elliott Wave technical analysis

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with INSURANCE AUSTRALIA GROUP LIMITED – IAG. We see ASX:IAG possibly continuing to push lower with wave ((4))-navy in the coming period.

ASX: IAG one-day chart (semilog scale) analysis

Function: Major trend (Intermediate degree, orange).

Mode: Motive.

Structure: Impulse.

Position: Wave ((4))-navy.

Details: Wave ((3))-navy has most likely ended as a five-wave as I counted from (1)-orange to (5)-orange. So wave ((4))-navy is likely pushing lower, and will target around the 7.25 low. While price must remain below the 8.60 high to maintain this view.

Invalidation point: 8.60.

ASX: IAG four-hour chart analysis

Function: Major trend (Intermediate degree, orange).

Mode: Motive.

Structure: Impulse.

Position: Wave (C)-orange of Wave ((4))-navy.

Details: Looking closer, the ((4))-navy wave is developing as a Zigzag labeled (A)(B)(C)-orange or it can also be replaced with (1)(2)(3)-orange, it doesn't matter, as the price action will probably continue to push lower.

Invalidation point: 8.60.

Conclusion

Our analysis, forecast of contextual trends, and short-term outlook for ASX: INSURANCE AUSTRALIA GROUP LIMITED – IAG 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.

Insurance Australia Group Limited analysis and Elliott Wave 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.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD could test 1.1750 amid strengthening bullish bias

EUR/USD remains flat after two days of small losses, trading around 1.1740 during the Asian hours on Thursday. On the daily chart, technical analysis indicates a strengthening of a bullish bias, as the pair continues to trade within an ascending channel pattern.

GBP/USD consolidates above mid-1.3300s as traders await BoE and US CPI report

The GBP/USD pair struggles to capitalize on the overnight bounce from the 1.3310 area, or a one-week low, and oscillates in a narrow band during the Asian session on Thursday. Spot prices currently trade around the 1.3370 region, down less than 0.10% for the day, as traders opt to wait on the sidelines ahead of the key central bank event risk and US consumer inflation data.

Gold awaits weekly trading range breakout ahead of US CPI report

Gold struggles to capitalize on the previous day's move higher back closer to the $4,350 level and trades with a mild negative bias during the Asian session on Thursday. The downtick could be attributed to some profit-taking amid a US Dollar uptick, though it is likely to remain cushioned on the back of a supportive fundamental backdrop.

Top Crypto Losers: Pump.fun, SPX6900, Bittensor slide further with double-digit losses

Pump.fun, SPX6900, and Bittensor are leading the losses in the cryptocurrency market over the last 24 hours amid total liquidations of over $500 million. The retail segment alleges institutional manipulation amid an early-morning Bitcoin sell-off routine in the US market.

Monetary policy: Three central banks, three decisions, the same caution

While the Fed eased its monetary policy on 10 December for the third consecutive FOMC meeting, without making any guarantees about future action, the BoE, the ECB and the BoJ are holding their respective meetings this week.

Crypto Today: Bitcoin, Ethereum, XRP slide further as risk-off sentiment deepens

Bitcoin faces extended pressure as institutional investors reduce their risk exposure. Ethereum’s upside capped at $3,000, weighed down by ETF outflows and bearish signals. XRP slides toward November’s support at $1.82 despite mild ETF inflows.