ASX: CAR GROUP LIMITED – CAR Elliott Wave Technical Analysis

1D Chart (Semilog Scale) Analysis

• Function: Major trend (Intermediate degree, orange)
• Mode: Motive
• Structure: Impulse
• Position: Wave iii)) - navy of Wave (5) - orange

Details:

Wave (4) - orange has been unfolding since the high around 42.71 and likely ended at the low of 28.40 as a Zigzag labeled A,B,C - grey. Its C - grey wave I also counted five waves, suggesting it has ended. Therefore, it is very likely that wave (5) - orange is unfolding. The latest price action shows wave iv)) - navy is pushing slightly lower, then wave v)) - navy could move higher.

Invalidation point: 34.150 (Prices need to stay higher to maintain this view.)

ASX: CAR GROUP LIMITED – CAR Elliott Wave Technical Analysis

4-Hour Chart Analysis

• Function: Major trend (Minor degree, grey)
• Mode: Motive
• Structure: Impulse
• Position: Wave ((iv)) - navy of Wave 1 - grey

Details:

Wave iv)) - navy is pushing lower but cannot push lower than 34.150; otherwise, the bullish view will be invalidated immediately, as the fourth wave cannot overlap the first wave.

Invalidation point: 34.150 (Prices need to stay higher to maintain this view.)

Conclusion:

Our analysis and forecast of contextual trends and short-term outlook for ASX: CAR GROUP LIMITED – CAR 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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