Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) ASX LIMITED – ASX . We see ASX LIMITED could soon move higher with wave ((iii))-navy.
ASX Elliott Wave technical analysis
Function: Major (Minor degree, gray).
Mode: Motive.
Structure: Impulse.
Position: Wave (ii)-orange of Wave ((iii))-navy of Wave 3-grey.
Details: Wave ((iii))-navy may be unfolding to push higher, however its wave (ii)-orange has now retraced deeply, so the bullish view is losing strength. I would like to see price continue to push higher in the next few days to confirm this view. Otherwise, the alternative scenario, i.e. wave ((ii))-navy is actually longer than expected, is unfolding. We may have a Long Trade Setup coming up with Medium Level 65.00.
Invalidation point: 61.06.
ASX one-day chart analysis
ASX Elliott Wave technical analysis
Function: Major Trend (Minute degree, navy).
Mode: Motive.
Structure: Impulse.
Position: Wave (ii)-orange of Wave ((iii))-navy.
Details: Looking more closely at the 4H chart, the weakness of this forecast is the deep retracement wave (ii)-orange, which is probably developing as a Zigzag and is nearing completion. It is important that the price pushes higher above 64.24, while holding consistently above 61.08 to maintain this view. Then the subsequent Long Trade Setup is of quality, whereas a push below 61.06 suggests that the entire wave ((ii))-navy is developing in a more complex and extended form. Eventually the wave ((iii))-navy will still return to push higher.
Invalidation point: 61.06.
Confirmation point: 64.24.
ASX four-hour chart analysis
Conclusion
Our analysis, forecast of contextual trends, and short-term outlook for ASX: ASX LIMITED – ASX 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.
ASX Limited Elliott Wave technical analysis [Video]
Source: https://www.fxstreet.com/news/asx-limited-elliott-wave-technical-analysis-video-202408220532