Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with COMMONWEALTH BANK OF AUSTRALIA. – CBA. We see CBA.ASX with bullish potential with wave (iii) of ((iii)).
ASX: CBA Elliott Wave technical analysis
Function: Major trend (Minor degree, gray).
Mode: Motive.
Structure: Impulse.
Position: Wave (ii)-orange of Wave ((iii))-navy.
Details: Wave (ii)-orange may be unfolding to push lower, I don’t think it’s finished yet as the retracement is too shallow. So I expect a push lower to complete the whole wave (ii)-orange. And finally, wave (iii)-orange will come back after that to continue pushing higher. I’m still keeping an eye on it looking for a Long Trade Setup.
Invalidation point: 124.89.
CBA one-day chart
ASX: CBA Elliott Wave technical analysis
Function: Major trend (Minuette degree, orange).
Mode: Motive.
Structure: Impulse.
Position: Wave c-grey of Wave (ii)-orange.
Details: Since the low at 125.02, wave (i)-orange seems to have completed, and wave (ii)-orange is unfolding. I don’t think wave (ii) is actually finished, it’s a shallow retracement, so that suggests to me that it’s developing as a Flat, its b-grey wave is unfolding to push a little higher, then its c-grey wave will come back to push lower, to complete the whole wave (ii)-orange. And finally, wave (iii)-orange will come back after that to continue pushing higher. I’m still keeping an eye on it looking for a Long Trade Setup.
Invalidation point: 124.89.
CBA four-hour chart analysis
Conclusion:
Our analysis, forecast of contextual trends, and short-term outlook for ASX: COMMONWEALTH BANK OF AUSTRALIA. – CBA 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.
Commonwealth Bank of Australia Elliott Wave forecast [Video]
Source: https://www.fxstreet.com/news/commonwealth-bank-of-australia-elliott-wave-forecast-video-202408300712