Westpac Banking Corporation (WBC) Elliott Wave forecast [Video]

Peter Mathers TradingLounge

Introduction

Our Elliott Wave analysis for the Australian Stock Exchange (ASX) highlights the WESTPAC BANKING CORPORATION (WBC). We anticipate that WBC is poised to move higher with wave ((v)) - navy.

ASX: Westpac Banking Corporation – WBC

Function: Major trend (Minute degree, green).
Mode: Motive.
Structure: Impulse.
Position: Wave ((v)) - navy.

Details: Wave ((iv)) - navy concluded at the low of 26.75. Following this, wave ((v)) - navy is expected to push higher. The invalidation point for this analysis is 26.75.

One-day chart analysis

Four-hour chart analysis

Function: Major trend (Minuette degree, orange).
Mode: Motive.
Structure: Impulse.
Position: Wave ((v)) - navy.

Details: Wave ((iv)) - navy ended as a Triangle at the low of 26.75. Currently, wave ((v)) - navy is unfolding to push even higher. The price must stay above 26.75 to maintain this outlook. The invalidation point for this analysis is 26.75.

Conclusion Our analysis and short-term forecast for ASX: WESTPAC BANKING CORPORATION (WBC) provide insights into current market trends. We offer specific price points that act as validation or invalidation signals for our wave count, enhancing confidence in our perspective. Combining these factors, we aim to present an objective and professional view on market trends.

Westpac Banking Corporation (WBC) Elliott Wave 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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