Rea Group Ltd Elliott Wave technical forecast [Video]

Peter Mathers TradingLounge

ASX: REA Elliott Wave technical analysis

Greetings, our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with REA Group Ltd - REA. We see REA could push even higher with the third wave of the third wave.

Function: Major trend (Minor degree, gray).

Mode: Motive.

Structure: Impulse.

Position: Wave iii - gray of Wave (iii) - orange of Wave 3 - gray.

Details: The short-term outlook shows that wave iii - gray is unfolding to push higher, while the price should stay above 181.68.

Invalidation point: 181.68

ASX: REA four-hour chart analysis

Function: Major trend (Minuette degree, orange).

Mode: Motive.

Structure: Impulse.

Position: Wave (iii) - orange of Wave ((iii)) - navy of Wave 3 - grey.

Details: Wave (iii) - orange of wave ((iii)) - navy is opening up to push higher. It is important that the price remains above 189.80 to maintain this view.

Invalidation point: 189.80.

Conclusion: Our analysis and forecast of contextual trends, along with the short-term outlook for ASX: REA Group Ltd - REA, 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.

Rea Group Ltd 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.

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