ASX LIMITED – ASX Elliott Wave Technical Analysis

Today's Elliott Wave analysis provides an update on ASX LIMITED (ASX). Our assessment suggests that ASX LIMITED shares may have just completed a corrective wave and are now transitioning into an Impulse Wave.

ASX LIMITED – ASX 1D Chart (Semilog Scale) Analysis

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

Details:

Wave (2) - Orange may have concluded, and Wave (3) - Orange is unfolding in an Extended Wave, with Wave 3 - Grey progressing higher. The target price is approximately $80.00.

• Invalidation Point: $62.03

ASX LIMITED – ASX Elliott Wave Technical Analysis (4-Hour Chart)

ASX LIMITED – ASX 4-Hour Chart Analysis

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

Details:

From the low at $62.03, Wave 3 - Grey is developing an upward movement. It is near completion of Wave ((i)) - Navy, followed by Wave ((ii)) - Navy, which may push slightly lower before Wave ((iii)) - Navy resumes its uptrend.

• Invalidation Point: $62.03

Conclusion:

Our analysis aims to provide a comprehensive outlook on ASX LIMITED (ASX) by forecasting market trends and identifying potential entry points. We highlight key price levels that serve as validation or invalidation signals, ensuring greater confidence in market positioning. By leveraging these insights, traders can make informed decisions backed by objective technical analysis.

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

More By This Author:

Coffee Elliott Wave Technical Analysis
Elliott Wave Technical Forecast: Insurance Australia Group Limited - Monday, March 17
Elliott Wave Technical Analysis: Microsoft Inc. - Monday, March 17