Rea Group Ltd Elliott Wave technical forecast [Video]

Peter Mathers TradingLounge

ASX: REA GROUP LTD – REA Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart).

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with REA GROUP LTD – REA . We see REA.ASX possibly rising with wave ((iii))-navy.

ASX: REA Elliott Wave technical analysis

Function: Major trend (Minor degree, gray).

Mode: Motive.

Structure: Impulse.

Position: Wave (i)-orange of Wave ((iii))-navy.

Details: Wave ((iii))-navy is unfolding to push higher. It is subdividing into wave (i)-orange, which will essentially continue to push higher. Any subsequent large decline would suggest that wave (ii)-orange is unfolding to push lower. Eventually, wave (iii)-orange will return to continue to push higher. A drop below 207.58 shows wave (ii)-orange is unfolding. I will look for Long Trade Setup when wave (ii)-orange is complete.

Invalidation point: 187.27.

ASX: REA four-hour chart analysis

Function: Major trend (Minute degree, navy).

Mode: Motive.

Structure: Impulse.

Position: Wave (i)-orange of Wave ((iii))-navy.

Details: Since the low of 172.49, the naval waves ((i)),((ii)) have unfolded and they have ended. The naval wave ((iii)) is starting its role since the low of 187.27, which itself is subdividing into wave (i)-orange. It will probably complete soon, and wave (ii)-orange will unfold then to push lower, and finally, wave (iii)-orange will return to push higher. The push below 207.58 shows that wave (ii)-orange is unfolding. I will look for Long Trade Setup when wave (ii)-orange is complete.

Invalidation point: 187.27.

Conclusion

Our analysis, forecast of contextual trends, and 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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