ASX: WESFARMERS LIMITED (WES) Elliott Wave Technical Analysis

Overview:

Greetings, today’s Elliott Wave analysis updates the Australian Stock Exchange (ASX) with insights on WESFARMERS LIMITED (WES).
Currently, ASX: WES remains in a downtrend, forming a large corrective wave with no visible upside potential at this stage.

ASX: WESFARMERS LIMITED (WES) Elliott Wave Technical Analysis

1D Chart (Semilog Scale) Analysis

• Function: Major Trend (Minor Degree, Grey)
• Mode: Motive
• Structure: Impulse
• Position: Wave 4 - Grey of Wave (3) - Orange

Details:

• Wave 3 - Grey has just completed, and Wave 4 - Grey is currently unfolding, pushing lower.
• The decline is expected to target around 65.30 initially.
• Given the sharpness of the movement, Wave 4 - Grey is likely forming a Zigzag labeled ((a))((b))((c)) - Navy.
• There is still a further push lower with Wave ((c)) - Navy before any reversal.

Invalidation Point: Wave 3 - Grey’s end at 79.43

ASX: WESFARMERS LIMITED (WES) Elliott Wave Technical Analysis

TradingLounge (4-Hour Chart)

4-Hour Chart Analysis

• Function: Major Trend (Minute Degree, Navy)
• Mode: Motive
• Structure: Impulse
• Position: Wave ((a)) - Navy of Wave 4 - Grey

Details:

• A closer look at Wave ((a)) - Navy suggests it is nearing completion.
• A push higher in Wave ((b)) - Navy is expected before the trend continues.

Invalidation Point: Wave 3 - Grey’s end at 79.43

Conclusion:

Our analysis and forecast for ASX: WESFARMERS LIMITED (WES) provide insights into market trends and trading opportunities. We outline specific price points that act as validation or invalidation signals for our wave count, helping traders enhance confidence in market direction.
By integrating technical insights and Elliott Wave principles, we deliver an objective and professional perspective on WESFARMERS LIMITED’s price movements.

Elliott Wave Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation)

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