MQG Elliott Wave technical analysis
Today's Elliott Wave analysis provides an update on MACQUARIE GROUP LIMITED (MQG) on the Australian Stock Exchange (ASX).
Our analysis shows that ASX:MQG stock is approaching the final stages of Wave Four, forming a flat pattern. This presents a potential opportunity for an upward movement in Wave Five. The analysis highlights key confirmation levels that traders can monitor to assess whether the current trend remains intact or is shifting.
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Function: Major Trend (Minute Degree, Navy).
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Mode: Motive.
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Structure: Impulse.
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Position: Wave v-grey of Wave (c)-orange of Wave ((iv))-navy.
Details:
Wave ((iii))-navy recently concluded as a five-wave structure. Currently, Wave ((iv))-navy is unfolding in a Flat (a)-(b)-(c) pattern (orange). The final leg, Wave (c)-orange, is still developing, aiming for a target near 211.92 or slightly lower.
Alternatively, a break above 232.59 will be the first sign that Wave ((v))-navy is beginning an upward move.
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Invalidation point: The end of Wave (b)-orange.
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Confirmation point: 232.590.
MQG Elliott Wave technical analysis
-
Function: Major Trend (Minute Degree, Navy).
-
Mode: Motive.
-
Structure: Impulse.
-
Position: Wave v-grey of Wave (c)-orange of Wave ((iv))-navy.
Details:
No significant changes—Wave (c)-orange continues its five-wave formation, labeled from i-grey to v-grey, as it moves lower.
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Invalidation Point: The end of Wave (b)-orange.
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Confirmation Point: 232.590.
Conclusion
Our Elliott Wave analysis and forecast for ASX: MACQUARIE GROUP LIMITED (MQG) provide valuable insights into the current market trend and potential trading opportunities. By identifying key price levels for validation and invalidation, traders can enhance their confidence in market movements. Our objective approach ensures a professional, data-driven perspective on ASX stocks.
Macquarie Group Limited Elliott Wave analysis and technical forecast [Video]
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Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
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