ASX: COMMONWEALTH BANK OF AUSTRALIA. – CBA Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with COMMONWEALTH BANK OF AUSTRALIA. – CBA. We identify a correction wave as the 2-red wave that has just ended, and we are continuously watching for a CBA for a Long-term trade.ASX: COMMONWEALTH BANK OF AUSTRALIA. – CBA Elliott Wave Technical Analysis ASX: COMMONWEALTH BANK OF AUSTRALIA. – CBA 1D Chart (Semilog Scale) AnalysisFunction: Major trend (Minor degree, red)
Mode: Motive
Structure: Impulse
Position: Wave 3-red
Details: The short-term outlook indicates a fairly rapid and strong price increase from the low of 109.94, suggesting that the 2-red wave has concluded, and the 3-red wave is unfolding. Pushing above and breaking the upper boundary line of the channel further clarifies this bullish view. We are closely monitoring CBA as we identify a long-term trading opportunity by seeking a strong support level at the Minor Level 110.
Invalidation point: 96.15 
ASX: COMMONWEALTH BANK OF AUSTRALIA. – CBA Elliott Wave Technical
Analysis TradingLounge (4-Hour Chart)ASX: COMMONWEALTH BANK OF AUSTRALIA. – CBA Elliott Wave Technical AnalysisASX: COMMONWEALTH BANK OF AUSTRALIA. – CBA 4-Hour Chart AnalysisFunction: Major trend (Minor degree, red) Mode: Motive Structure: Impulse Position: Wave 3-red Details: The shorter-term outlook suggests that the recent completion of the 1-red wave and the initiation of the 2-red wave have occurred to push prices lower. It appears that the 2-red wave has completed, allowing the 3-red wave to unfold upwards. We are closely monitoring CBA as there is a potential long-term trading opportunity with CBA. A rise above 120.60 would clarify the bullish outlook. Invalidation point: 95.15 
ConclusionOur 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.More By This Author:Cardano Crypto Price News Today Elliott Wave Technical Analysis
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