Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with WISETECH GLOBAL LIMITED – WTC. We see WTC.ASX may be starting to push higher with a ((iii))-navy wave.
ASX: WTC Elliott Wave technical analysis
Function: Major trend (Primary degree, navy).
Mode: Motive.
Structure: Impulse.
Position: Wave ((iii))-navy of Wave 3-grey of Wave (3)-orange of Wave ((3))-navy .
Details: Wave ((ii))-navy just ended at the 83.11 low as a Double Zigzag, and wave ((iii))-navy is opening up to push higher, which itself is subdividing into wave (i)-orange, and just as it just finished, wave (ii)-orange looks to be starting its work to push a little lower.
Invalidation point: 83.11.
WTC one-day chart
ASX: WTC Elliott Wave technical analysis
Function: Major trend (Minute degree, navy).
Mode: Motive.
Structure: Impulse.
Position: Wave (ii)-orange of Wave ((iii))-navy.
Details: Since the low at 83.11, wave (i)-orange has been unfolding, and it seems to have ended as a Five-wave. Now it is time for wave (ii)-orange to unfold to push lower, targeting around 87.54. Finally, wave (iii)-orange could return afterwards, to continue pushing higher.
Invalidation point: 83.11
WTC four-hour chart analysis
Conclusion
Our analysis, forecast of contextual trends, and short-term outlook for ASX: WISETECH GLOBAL LIMITED – WTC 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.
WiseTech Global Limited Elliott Wave technical forecast [Video]
Source: https://www.fxstreet.com/news/wisetech-global-limited-elliott-wave-technical-forecast-video-202408190607