News Corporation Elliott Wave technical forecast [Video]

Peter Mathers TradingLounge

ASX: NEWS CORPORATION. – NWS Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart).

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with NEWS CORPORATION. – NWS. We determined there was going to be a good trading opportunity with NWS when wave (ii)-orange opened and then it ended.

ASX: NWS Elliott Wave technical analysis

Function: Major trend (Minor degree, grey).

Mode: Motive.

Structure: Impulse.

Position: Wave i-grey of Wave.

Details: The short-term outlook indicates that wave ((iv))-navy has just ended, and wave ((v))-navy is unfolding. It is subdividing into wave (i)-orange, which will soon complete, allowing wave (ii)-orange to unfold and push lower. This will provide a good trading setup with wave (ii)-orange.

Invalidation point: 36.62

ASX: NWS four-hour chart analysis

Function: Major trend (Minuette degree, purple)

Mode: Motive

Structure: Impulse

Position: Wave v-grey of Wave (i)-orange

Details: The shorter-term outlook indicates that wave (i)-orange is nearing completion, as it has subdivided into 5 waves. Wave (ii)-orange will soon unfold as an ABC pattern to push lower. We will look for a long trade setup when the price turns the 40 level into support.

Invalidation point: 36.62

Conclusion

Our analysis, forecast of contextual trends, and short-term outlook for ASX: NEWS CORPORATION. – NWS 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.

News Corporation Elliott Wave technical 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.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD stays defensive below 1.1750 as USD finds its feet

EUR/USD kicks off the new week on a softer note, holding below 1.1750 in European trading on Monday. The pair faces challenges due to a pause in the US Dollar downtrend, with traders shifting their focus to the delayed US Nonfarm Payrolls and CPI data for fresh directives. The ECB policy decision is also eagerly awaited.

GBP/USD holds steady above 1.3350 as traders await key data and BoE

GBP/USD remains on the back foot above 1.3350 in the European session on Monday, though it lacks bearish conviction and holds above the key 200-day SMA support. The US Dollar holds its recovery mode ahead of key data releases, while the Pound Sterling faces headwinds from the expected BoE rate cut this week.

Gold climbs to seven-week highs on Fed rate cut bets, safe-haven demand

Gold price rises to seven-week highs to near $4,350 during the early European trading hours on Monday. The precious metal extends its upside amid the prospect of interest rate cuts by the US Fed next year. Lower interest rates could reduce the opportunity cost of holding Gold, supporting the non-yielding precious metal.

Solana consolidates as spot ETF inflows near $1 billion signal institutional dip-buying

Solana price hovers above $131 at the time of writing on Monday, nearing the upper boundary of a falling wedge pattern, awaiting a decisive breakout. On the institutional side, demand for spot Solana Exchange-Traded Funds remained firm, pushing total assets under management to nearly $1 billion since launch.

Big week ends with big doubts

The S&P 500 continued to push higher yesterday as the US 2-year yield wavered around the 3.50% mark following a Federal Reserve (Fed) rate cut earlier this week that was ultimately perceived as not that hawkish after all. The cut is especially boosting the non-tech pockets of the market.

Solana Price Forecast: SOL consolidates as spot ETF inflows near $1 billion signal institutional dip-buying

Solana (SOL) price hovers above $131 at the time of writing on Monday, nearing the upper boundary of a falling wedge pattern, awaiting a decisive breakout.