Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with UNIBAIL-RODAMCO-WESTFIELD – URW. We see that URW may have finished wave 2-grey, and wave 3-grey is unfolding to push higher.
ASX: URW Elliott Wave technical analysis
Function: Major trend (Minor degree, grey).
Mode: Motive.
Structure: Impulse.
Position: Wave ((i))-navy of Wave 3-grey.
Details: Wave 3-grey is unfolding to push higher. It is subdividing into wave ((i))-grey, and it will probably complete soon, then wave ((ii))-grey will unfold to push lower a bit. Finally, wave ((iii))-navy will push higher afterwards. I will look for a Long Trade Setup when wave ((ii))-navy ends.
Invalidation point: 5.46.
URW one-day chart
ASX: URW Elliott Wave technical analysis
Function: Major trend (Minute degree, navy).
Mode: Motive.
Structure: Impulse.
Position: Wave ((i))-navy.
Details: Since the low at 5.46, wave 2-grey has ended, and wave 3-grey is unfolding to push higher. It is subdividing into wave ((i))-navy itself, which has pushed quite high, so it should end soon. The push below 5.86 suggests that wave ((ii))-navy is unfolding to push a little lower. Eventually wave ((iii))-navy will return to push higher. While price must remain above 5.46 to maintain this view. I will look for a Long Trade Setup when wave ((ii))-navy ends.
Invalidation point: 5.46.
URW four-hour chart
Conclusion
Our analysis, forecast of contextual trends, and short-term outlook for ASX: UNIBAIL-RODAMCO-WESTFIELD – URW 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.
Unibail-Rodamco-Westfield Elliott Wave forecast [Video]
Source: https://www.fxstreet.com/news/unibail-rodamco-westfield-elliott-wave-forecast-video-202408280606