ASX: COMMONWEALTH BANK OF AUSTRALIA - CBA Elliott Wave Technical Analysis

Our Elliott Wave analysis today presents an updated perspective on the Australian Stock Exchange (ASX) with COMMONWEALTH BANK OF AUSTRALIA (CBA).

We identify upside potential and anticipate a bullish trend in ASX:CBA with Wave Three in progress. This analysis highlights target zones, key levels, and the essential price points to determine when this view remains valid or is no longer applicable.

ASX: COMMONWEALTH BANK OF AUSTRALIA - CBA Elliott Wave Technical Analysis (1D Chart - Semilog Scale)

Function:

• Major trend: Minor degree (grey)
• Mode: Motive
• Structure: Impulse
• Position: Wave ((iii)) - navy of Wave 5 - grey

Details:

• Wave 5 (grey) is currently extending, and we are counting its subwaves ((i)), ((ii)) (navy).
• Since the low at 151.00, wave ((iii)) (navy) is gaining momentum, reinforcing our expectation of a bullish market in the short term.
• Next Target: 200.00
• Invalidation Level: 151.00

ASX: COMMONWEALTH BANK OF AUSTRALIA - CBA Elliott Wave Technical Analysis (4-Hour Chart)

Function:

• Major trend: Minor degree (grey)
• Mode: Motive
• Structure: Impulse
• Position: Wave (iii) - orange of Wave ((iii)) - navy of Wave 5 - grey

Details:

• Taking a closer look at wave ((iii)) (navy), we observe smaller degree subwaves (i), (ii) (orange), which have concluded.
• Now, wave (iii) (orange) of wave ((iii)) (navy) is gaining strength, pushing toward higher price targets.
• Next Target Levels: 173.98 and potentially 180.00.
• Key Invalidation Level: 156.17

Conclusion:

Our Elliott Wave analysis and forecast for ASX: COMMONWEALTH BANK OF AUSTRALIA (CBA) aim to provide traders with a clear understanding of market trends and actionable insights to optimize trading strategies.

By specifying crucial price levels that confirm or invalidate our wave count, we enhance the reliability of our perspective. Our objective is to equip readers with the most precise and professional view of ASX market trends.

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

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