JAMES HARDIE INDUSTRIES PLC (JHX) Elliott Wave Technical Analysis

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Analysis Overview

Our Elliott Wave analysis today provides an update on the Australian Stock Exchange (ASX) with a focus on JAMES HARDIE INDUSTRIES PLC (JHX). The stock appears to be in a medium-term downtrend, which suggests investors should carefully evaluate long strategies due to potential risks. This analysis outlines the expected trend, key price levels, and critical market insights to scientifically and intuitively assess the stock movement.

JAMES HARDIE INDUSTRIES PLC (JHX) Elliott Wave Technical Analysis – 1D Chart (Semilog Scale)

• Function: Major Trend (Intermediate Degree, Orange)

• Mode: Motive

• Structure: Impulse

• Position: Wave C - Grey of Wave (2) - Orange

• Details:

  • Wave (2) - Orange may still be in progress and appears to be developing as a Zigzag pattern.
  • Recent price action indicates an extended sideways movement, suggesting the formation of a Triangle labeled as Wave B - Grey, which seems to have recently completed.
  • The next expected movement is Wave C - Grey, which is likely to push lower, confirming the downtrend if the price breaks below 49.16.

• Invalidation Point: 55.09

• Key Level: 49.16

JAMES HARDIE INDUSTRIES PLC (JHX) Elliott Wave Technical Analysis – 4-Hour Chart

TradingLounge (4-Hour Chart)

• Function: Major Trend (Intermediate Degree, Orange)

• Mode: Motive

• Structure: Impulse

• Position: Wave ((ii)) - Navy of Wave C - Grey of Wave (2) - Orange

• Details:

  • A closer look at the chart shows Wave B - Grey has completed as a Triangle, making way for Wave C - Grey to push lower.
  • The current market movement follows a five-wave structure, labeled from ((i)) - Navy to ((v)) - Navy.
  • Latest price action indicates Wave ((iii)) - Navy is unfolding, reinforcing the downtrend continuation.

• Invalidation Point: 55.09

Conclusion

Our Elliott Wave analysis provides a comprehensive forecast of market trends and short-term outlook for JAMES HARDIE INDUSTRIES PLC (JHX). By identifying key price levels and trend signals, traders can make informed decisions. We highlight validation and invalidation price points, offering confidence in our projections. This structured approach ensures a professional and objective perspective on market movements.

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

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