Today's Elliott Wave analysis provides an update on INSURANCE AUSTRALIA GROUP LIMITED (ASX: IAG). Currently, ASX: IAG shares remain in a corrective wave, requiring a further push downward before a potential upward move.
ASX: IAG Elliott Wave technical analysis
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Function: Major Trend (Primary Degree – Navy).
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Mode: Motive.
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Structure: Impulse.
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Position: Wave (4) – Orange.
Details:
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Wave (3) – Orange has recently completed as a five-wave sequence labeled from 1-grey to 5-grey.
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Currently, wave (4) – Orange is likely pushing lower toward the next target at 6.982.
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A long-term bullish move is not expected with wave (5) – Orange. Instead, it seems we have only completed the first leg of an ABC Zigzag within wave (4) – Orange.
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Invalidation Point: 9.210
ASX: IAG Elliott Wave technical analysis
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Function: Major Trend (Intermediate Degree – Orange).
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Mode: Motive.
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Structure: Impulse.
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Position: Wave A – Grey of Wave (4) – Orange.
Details:
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A closer look at wave (4) – Orange shows it is still developing downward.
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The correction is forming an ABC-Grey structure.
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The A-Grey wave is near completion, preparing for further downside movement with the C-Grey wave.
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Invalidation Point: 9.210
Conclusion
This ASX: IAG analysis provides insights into the current market trends and opportunities for traders. The report highlights key validation and invalidation price points, ensuring greater confidence in the Elliott Wave count. By leveraging these elements, traders can make well-informed decisions based on professional market analysis.
Insurance Australia Group Limited (IAG) analysis and Elliott Wave forecast [Video]
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