ASX: CAR GROUP LIMITED – CAR Elliott Wave Technical Analysis

Welcome. Today’s Elliott Wave update focuses on the Australian Stock Exchange (ASX) listed CAR GROUP LIMITED – CAR.
Our analysis indicates that CAR has likely wrapped up a corrective wave, specifically wave (4) in orange, forming a Zigzag structure. This may suggest the beginning of a bullish trend. This brief overview will outline potential future price movement and key invalidation levels supporting our analysis.

ASX: CAR GROUP LIMITED – CAR Elliott Wave Technical Analysis
1D Chart (Semilog Scale) – Overview

Function: Major trend (Intermediate degree, orange)

Mode: Motive

Structure: Impulse

Position: Wave iii)) – navy within Wave (5) – orange

Details:
Wave (4) – orange has been forming since the 42.71 high, likely bottoming out at 28.40. It appears as an A-B-C Zigzag, with the C – grey component showing five distinct sub-waves, indicating its completion. Hence, the emergence of wave (5) – orange is expected. Recent market action supports the development of wave iii)) – navy, potentially targeting the 39.68 – 40.00 level.

Invalidation point: 31.73 (Prices must remain above to sustain this outlook.)

ASX: CAR GROUP LIMITED – CAR 4-Hour Chart Overview
Function: Major trend (Minor degree, grey)

Mode: Motive

Structure: Impulse

Position: Wave ((iii)) – navy of Wave (5) – orange

Details:
Since surpassing the 31.73 mark, wave iii)) – navy is progressing. The price must stay above 31.73 to validate this progression.

Invalidation point: 31.73 (Maintaining above this level confirms the analysis.)

Conclusion
This analysis of ASX: CAR GROUP LIMITED – CAR offers both a broader market trend and short-term trading outlook. Our report includes price levels that serve as validation or invalidation for the current Elliott Wave count, improving the reliability of our forecast. The goal is to equip traders with a factual and skilled perspective to interpret market direction.

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

More By This Author:

Unlocking ASX Trading Success: Insurance Australia Group Limited - Friday, May 9
Elliott Wave Technical Analysis: Spotify Technology S.A. - Friday, May 9
Elliott Wave Technical Analysis: U.S. Dollar/Swiss Franc - Friday, May 9