Wave (3) - orange recently concluded as a five-wave sequence labeled 1-grey to 5-grey.
Currently, Wave (4) - orange is likely pushing lower, targeting 6.982 as the next key level.
A long-term bullish wave (5) - orange scenario is unlikely. Instead, we may have completed just the first phase of an ABC Zigzag within Wave (4) - orange.

Invalidation point: 9.210

ASX: Insurance Australia Group Limited (IAG) Elliott Wave technical analysis

Four-hour chart analysis

Function: Major trend (Intermediate degree, orange).
Mode: Motive.
Structure: Impulse.
Position: Wave A - grey of Wave (4) - orange.

Details:

Looking closely at Wave (4) - orange, it continues unfolding lower.
The structure appears to be an A-B-C correction (grey).
Wave A - grey is nearly complete, setting up for further downside movement with Wave C - grey.

Invalidation point: 9.210.

Conclusion

Our Elliott Wave analysis and forecast for ASX: INSURANCE AUSTRALIA GROUP LIMITED (IAG) aim to provide valuable insights into market trends and potential opportunities.

We identify specific price validation and invalidation levels to improve confidence in the wave count, helping traders make informed decisions. By incorporating these elements, we strive to present an objective and professional market perspective.

Insurance Australia Group Limited (IAG) 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.

EUR/USD slumps below 1.1800 on hawkish Fed Minutes, eyes on ECB succession

The EUR/USD pair tumbles to a near two-week low around 1.1785 during the early Asian session on Thursday. The US Dollar strengthens against the Euro on hawkish FOMC minutes that revived speculation about potential interest rate hikes if inflation remains elevated.

GBP/USD extends decline as weak jobs data bolsters BoE rate cut bets

The Pound Sterling continued to backslide under sustained pressure on Wednesday, following through after the UK employment report on Tuesday showed a labour market deteriorating faster than expected.

Gold consolidates the rebound below $5,000, US data eyed

Gold price consolidates the previous rebound below $5,000 in the Asian session on Thursday. The precious metal recovered on Wednesday amid shifts in geopolitical sentiment, boosting safe-haven demand. Traders will keep an eye on the release of US Initial Jobless Claims, Pending Home Sales data, and the Fedspeak later on Thursday.

Bitcoin approaches a critical zone: Bear pennant projects $56,000

Based on the most recent analyses from February 2026, the short answer is that it is highly unlikely that Bitcoin will reach $100,000 this month.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Sui extends sideways action ahead of Grayscale’s GSUI ETF launch

Sui is extending its downtrend for the second consecutive day, trading at 0.95 at the time of writing on Wednesday. The Layer-1 token is down over 16% in February and approximately 34% from the start of the year, aligning with the overall bearish sentiment across the crypto market.