ASX: WiseTech Global Limited (WTC) Elliott Wave Technical Analysis

Greetings!

Our Elliott Wave analysis today focuses on WiseTech Global Limited (ASX: WTC). We observe upside potential in ASX: WTC shares after identifying a recently completed Triangle corrective wave pattern at Wave 4, suggesting a potential Wave 5 move higher.

ASX: WiseTech Global Limited (WTC) 1D Chart (Semilog Scale) Analysis

• Function: Major Trend (Minor Degree, Grey)
• Mode: Motive
• Structure: Impulse
• Position: Wave 5 (Grey) of Wave (3) (Orange) of Wave ((1)) (Navy)
• Details:
  • Wave 4 (Grey) appears to have completed a Triangle Pattern at 116.45 low.
  • Wave 5 (Grey) is likely beginning a move higher.
• Invalidation Point: 97.90

ASX: WiseTech Global Limited (WTC) 4H Chart Analysis

• Function: Major Trend (Minute Degree, Navy)
• Mode: Motive
• Structure: Impulse
• Position: Wave ((ii)) (Navy) of Wave 5 (Grey)
• Details:
  • A Triangle inside a Triangle has developed, nearing completion.
  • The overall pattern consists of "9 waves", narrowing over time—a key indicator of this forecast.
  • Wave 5 (Grey) is expected to push higher, targeting a high around AUD 150.00.
• Invalidation Point: 116.45

Conclusion

Our analysis and forecast for WiseTech Global Limited (ASX: WTC) provide traders with insights into market trends and effective trading strategies. The specific price levels given act as validation or invalidation signals for our Elliott Wave count, increasing confidence in this forecast.

By combining technical analysis and contextual trend evaluation, we aim to offer an objective and professional market perspective.

Technical Analyst : Hua (Shane) Cuong

More By This Author:

Elliott Wave Technical Analysis: Nifty 50 Index (India)
Rading Strategies, S&P 500, Nasdaq 100, DAX 40, FTSE 100, ASX 200
Elliott Wave Technical Analysis: Westpac Banking Corporation