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ASX: ASX LIMITED - ASX  Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with ASX LIMITED - ASX. We determined that wave 2-grey may have ended and wave 3-grey was opened to push higher.

ASX: ASX LIMITED - ASX  Elliott Wave Technical Analysis  

ASX: ASX LIMITED - ASX  1D Chart (Semilog Scale) Analysis

Function: Major trend (Minor degree, grey)
Mode: Motive
Structure: Impulse
Position: Wave 3-grey
Details: I would wait for the ML65 level to turn into support, then we would look for an ABC Correction to buy higher with ASX LIMITED.
Invalidation point: 61.36

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

ASX: ASX LIMITED - ASX  Elliott Wave Technical Analysis

ASX: ASX LIMITED - ASX  4-Hour Chart Analysis

Function: Major trend (Minuette degree, orange)
Mode: Motive
Structure: Impulse
Position: Wave (i)-orange  
Details: The shorter-term outlook shows that since the low at 61.36, wave 2-grey appears to have ended, and this allows wave 3-grey to unfold to push higher. Wave (i)-orange is unfolding and is fulfilling its role, following which wave (ii)-orange will unfold as ABC. We will be watching ASX LIMITED for a Long Trade Setup.
Invalidation point: 61.36

Conclusion:  

Our analysis, forecast of contextual trends, and short-term outlook for ASX: ASX LIMITED - ASX  aim to provide readers with insights into the current market trends and how to capitalize on them effectively. We offer specific price points that act as validation or invalidation signals for our wave count, enhancing the confidence in our perspective. By combining these factors, we strive to offer readers the most objective and professional perspective on market trends.

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

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