WBC Elliott Wave technical analysis
Today's Elliott Wave analysis focuses on the Australian Stock Exchange (ASX) and WESTPAC BANKING CORPORATION (WBC).
We observe weakness in ASX:WBC, indicating a medium-term bearish trend. This analysis provides insights into potential trend movements and key price levels where a possible trend reversal might occur.
ASX: WESTPAC BANKING CORPORATION – WBC Elliott Wave Technical Analysis (1D Chart – Semilog Scale)
Analysis:
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Function: Major Trend (Minute Degree, Green)
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Mode: Motive
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Structure: Impulse
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Position: Wave B (Grey) of Wave (Y) (Orange)
Details:
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Wave A (Grey) ended at 35.27, and Wave B (Grey) is currently moving lower, targeting 26.75.
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This indicates the potential for a significant price drop, making long positions riskier.
Invalidation point:
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35.27.
WBC Elliott Wave technical analysis (Four-hour chart)
ASX: WBC 4-Hour Chart Analysis.
Analysis:
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Function: Major Trend (Minute Degree, Navy).
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Mode: Motive.
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Structure: Impulse.
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Position: Wave ((a)) (Navy) of Wave B (Grey) of Wave (Y) (Orange).
Details:
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Since the high at 35.27, Wave B (Grey) is unfolding with sharp and strong downward momentum.
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The zigzag pattern is forming as ((a))((b))((c)).
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Wave ((a)) (Navy) is near completion, after which Wave ((b)) (Navy) may retrace slightly higher before a final downward move in Wave ((c)) (Navy).
Invalidation point:
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35.27.
Conclusion
Our Elliott Wave forecast for ASX: WESTPAC BANKING CORPORATION (WBC) provides traders with a comprehensive outlook on market trends and potential trading opportunities.
By identifying key validation and invalidation price points, we help traders enhance their market confidence and decision-making process. Our goal is to provide the most objective, data-driven, and professional analysis of WBC’s price movements.
Technical analyst:
Hua (Shane) Cuong, CEWA-M (Master’s Designation).
WBC Elliott Wave technical analysis [Video]
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