Today's Elliott Wave analysis presents an updated outlook on the Australian Stock Exchange (ASX) for  Unibail-Rodamco-Westfield (URW).

We anticipate upside potential for ASX: URW in the near term. The short-term outlook focuses on awaiting a pullback with the second wave, which will provide an opportunity to identify high-quality long trade setups. This analysis outlines when to stay on the sidelines and when to enter positions in a structured and intuitive manner.

ASX:URW Elliott Wave Technical Analysis – 1D Chart (Semilog Scale)

Analysis

• Function: Major trend (Minor degree, grey)
• Mode: Motive
• Structure: Impulse
• Position: Wave ((iii)) - navy of Wave 3 - grey
• Details:
  • Wave ((iii)) - navy is trending higher. A pullback around 6.50 with a corrective wave may create a potential long trade setup.
  • On a smaller scale, wave (i) - orange is nearing completion. The expected decline in wave (ii) - orange will present a good buying opportunity for long trade setups.
• Invalidation Point: 5.89

ASX:URW 4-Hour Chart Analysis

• Function: Major trend (Minute degree, navy)
• Mode: Motive
• Structure: Impulse
• Position: Wave (i) - orange of Wave ((iii)) - navy
• Details:
  • A closer look at the 4H chart suggests that wave (i) - orange is nearing completion.
  • Since this wave has already extended significantly, a stop-loss level around 5.89 is required for long trades, but it may not be optimal.
  • Instead, waiting for a pullback to enter a long position will allow for a tighter and more efficient stop level.
• Invalidation Point: 5.89
• Key Point: Wave b of Wave (ii) - orange

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

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