ASX: ASX LIMITED – ASX Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with ASX LIMITED – ASX. We have determined that wave 2-red has ended, and wave 3-red can be opened to push higher.ASX: ASX LIMITED – ASX Elliott Wave Technical Analysis ASX: ASX LIMITED – ASX 1D Chart (Semilog Scale) AnalysisFunction: Major (Minor degree, red)
Mode: Motive
Structure: Impulse
Position: Wave 3-red
Details: The short-term outlook suggests that the 2-red wave has just concluded, and the 3-red wave may be ready to resume its upward movement. We are waiting for a smaller ABC Correction to have a good Long Trade Setup.
Invalidation point: 61.71
ASX: ASX LIMITED – ASX Elliott Wave Technical Analysis TradingLounge (4-
Hour Chart)ASX: ASX LIMITED – ASX Elliott Wave Technical AnalysisASX: ASX LIMITED – ASX 4-Hour Chart AnalysisFunction: Major trend (Minuette degree, purple) Mode: Motive Structure: Impulse Position: Wave ii-blue of Wave (iii)-purple Details: The short-term outlook suggests that waves (i) and (ii) in purple have just ended, and wave (iii) in purple is now unfolding to push higher. It is subdividing into wave i in blue, which seems to have just reached a peak. Now, wave ii in blue is likely to unfold to push slightly lower. We will closely monitor the ASX for a good long trade opportunity.Invalidation point: 61.71
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.Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).More By This Author:Elliott Wave Perspectives On S&P 500 & Nasdaq100
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