ASX: MERIDIAN ENERGY LIMITED – MEZ Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) MERIDIAN ENERGY LIMITED – MEZ. We see MEZ.ASX continuing to push lower, and eventually as wave (2)-orange ends, we can return to wave (3)-orange.

ASX: Meridian Energy Limited – MEZ one day chart (semilog scale) analysis

Function: Major trend (Intermediate degree, orange).

Mode: Motive.

Structure: Impulse.

Position: Wave (2)-orange.

Details: Wave (1)-orange appears to have completed as a Diagonal, and wave (2)-orange is unfolding to push lower, targeting around 5.22. Usually, following a Diagonal, the second wave usually retraces deeply, so I don't think wave (2)-orange is complete.

Invalidation point: 4.38.

Chart

ASX: Meridian Energy Limited – MEZ four-hour chart analysis

Function: Major trend (Intermediate degree, orange).

Mode: Motive.

Structure: Impulse.

Position: Wave ((c))-navy of Wave C-grey of Wave (2)-orange.

Details: Taking a closer look at the development of wave (2)-orange, it is developing as a Zigzag labeled A,B,C-grey. Wave C-grey is continuing to push lower and developing as a Diagonal. Its wave ((v))-navy will push lower still.

Invalidation point: 6.18.

Chart

Conclusion

Our analysis, forecast of contextual trends, and short-term outlook for ASX: MERIDIAN ENERGY LIMITED – MEZ 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.

Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).

ASX: Meridian Energy Limited – MEZ four-hour chart analysis [Video]

Share: Feed news

As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.

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.

The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.

Recommended content


Recommended content

Editors’ Picks

EUR/USD holds above 1.0850 after EU inflation data

EUR/USD holds above 1.0850 after EU inflation data

EUR/USD trades marginally higher on the day above 1.0850 in the European session on Thursday. The data from the Eurozone showed that the annual HICP inflation rose to 2% in October from 1.7% in September, helping the Euro hold its ground.

EUR/USD News
USD/JPY falls below 152.50 as markets assess BoJ policy decisions

USD/JPY falls below 152.50 as markets assess BoJ policy decisions

USD/JPY stays under bearish pressure and trades below 152.50 on Thursday. The Bank of Japan (BoJ) left its policy setting unchanged but Governor Ueda noted that the impact of foreign exchange rate on prices had become larger than in the past.

USD/JPY News
Gold holds near $2,780, looks to US PCE Price Index for fresh impetus

Gold holds near $2,780, looks to US PCE Price Index for fresh impetus

Gold stays in a consolidation phase after setting a new record-high of $2,790. US political jitters and Middle East tensions might continue to act as a tailwind for the XAU/USD. Traders keenly await the release of the US PCE Price Index before placing fresh directional bets.

Gold News
Uniswap Price Forecast: Technical outlook suggests a bullish breakout ahead

Uniswap Price Forecast: Technical outlook suggests a bullish breakout ahead

Uniswap is trading slightly below $8 on Thursday after rejecting a key resistance level on Wednesday. A successful close above this threshold could indicate a rally for the decentralized exchange, bolstered by technical indicators showing a bullish crossover pointing to potential upward momentum.

Read more
German economy surprises in the third quarter

German economy surprises in the third quarter

The German economy avoided a technical recession in the third quarter, showing unexpected growth. However, this does not change the fact that the economy remains stuck in stagnation.

Read more
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

Forex MAJORS

Cryptocurrencies

Signatures