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ASX: INSURANCE AUSTRALIA GROUP LIMITED (IAG) Elliott Wave Technical Analysis – 1D Chart

Greetings,
Today's Elliott Wave analysis provides an updated outlook on INSURANCE AUSTRALIA GROUP LIMITED (ASX: IAG). Based on current market trends, the stock remains in a corrective wave, requiring further downside movement before a potential bullish reversal.

ASX: IAG – 1D Chart Analysis (Semilog Scale)

• Function: Major Trend (Primary Degree, Navy)
• Mode: Motive
• Structure: Impulse
• Position: Wave (4) – Orange

Details:

• Wave (3) – Orange has completed as a five-wave sequence (labeled 1-Grey to 5-Grey).
• Currently, Wave (4) – Orange is forming and likely pushing lower, with a target at 6.982.
• A long-term bullish move is unlikely with Wave (5) – Orange at this stage.
• Instead, the first ABC Zigzag leg within Wave (4) – Orange appears to have formed.

Invalidation Point: 9.210

ASX: INSURANCE AUSTRALIA GROUP LIMITED (IAG) Elliott Wave Technical Analysis – 4H Chart

ASX: IAG – 4-Hour Chart Analysis

• Function: Major Trend (Intermediate Degree, Orange)
• Mode: Motive
• Structure: Impulse
• Position: Wave B – Grey of Wave (4) – Orange

Details:

• The ((4)) – Navy Wave continues to develop downward.
• The current structure follows an (A)(B)(C) – Orange formation, where:
  • Wave (A) – Orange is nearing completion.
  • Wave (C) – Orange will likely push lower after Wave (A) completes.

Invalidation Point: 9.210

Conclusion

This Elliott Wave analysis offers a detailed forecast of market trends and a short-term outlook for ASX: IAG. By identifying key support and resistance levels, traders can leverage these insights to make informed decisions. The provided validation and invalidation levels enhance confidence in the wave structure analysis.

By combining technical indicators and wave analysis, we aim to offer the most objective and professional perspective on market trends, helping traders capitalize on potential opportunities effectively.

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

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