Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with NATIONAL AUSTRALIA BANK LIMITED - NAB. In our Top 50 ASX Stocks forecasting service, NAB's price decline was accurately forecast, significantly reducing risk for investors. We are currently closely monitoring NAB for a further trading opportunity.
NAB Elliott Wave technical analysis
Function: Major trend (Minute degree, green).
Mode: Motive.
Structure: Impulse.
Position: Wave (c)-purple of Wave ((iv))-green.
Details: The short-term outlook describes that waves ((i))-green through ((iii))-green have concluded, and wave ((iv))-green is now unfolding. A common retracement target for wave 4 is at the 0.382 level, so I anticipate that wave ((iv)) will continue to decline to lower levels, while prices consistently remain below 36.11, which would increase confidence in this perspective.
Invalidation point: 29.84
NAB Elliott Wave technical analysis
Function: Counter trend (Minuette degree, purple).
Mode: Corrective.
Structure: Regular Flat.
Position: Wave v-blue of Wave (c)-purple.
Details: The short-term outlook suggests that the ((iv))-green wave is unfolding with higher detail. This could potentially be a Flat Correction (3-3-5) pattern, with waves (a) and (b)-purple already completed. Now, wave (c)-purple is likely to unfold, pushing lower. It is subdividing into five smaller waves, with at least waves i-blue to iv-blue identified. This implies that wave v-blue is completing its role. Following this, we may see the return of the ((v))-green wave pushing higher.
Invalidation point: 33.67.
Conclusion
Our analysis, forecast of contextual trends, and short-term outlook for ASX: NATIONAL AUSTRALIA BANK LIMITED - NAB 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.
NAB Elliott Wave technical forecast [Video]
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