COLES GROUP LIMITED – COL
Elliott Wave Technical Analysis – TradingLounge

Market Update:
Our Elliott Wave analysis on COLES GROUP LIMITED (ASX: COL) shows renewed upside potential. The primary uptrend, labeled wave 3‑grey, remains extended. In the short term, its internal correction, wave ii‑navy, is approaching completion as a zigzag formation. Once wave ii‑navy ends, wave iii‑navy could resume the main trend and push higher.

1D Chart (Semilog Scale) Analysis:

• Function: Major trend (Intermediate degree, Orange)
• Mode: Motive
• Structure: Impulse
• Position: Wave ii‑navy of Wave 3‑grey
• Details:
• • Since the 18.33 low, Wave 3‑grey is expanding and subdividing into i‑navy → ii‑navy → iii‑navy.
  • Wave ii‑navy is nearing its zigzag end (a‑b‑c orange), likely targeting ~21.10–20.31.
  • After completion, watch for wave iii‑navy to unfold upward.
• Invalidation point: 18.33

COLES GROUP LIMITED – COL
Elliott Wave Technical Analysis – TradingLounge (4‑Hour Chart)

4‑Hour Chart Analysis:

• Function: Major trend (Intermediate degree, Orange)
• Mode: Motive
• Structure: Impulse
• Position: Wave v‑grey of Wave c‑orange of Wave ii‑navy
• Details:
• • Wave ii‑navy continues to aim for ~21.10–20.31.
  • Following that, wave iii‑navy could resume, targeting the next milestone at ~$30.00.
  • A push above 21.240 confirms early wave iii‑navy structure.
• Invalidation point: 18.33
• Key reference: 21.240 

Conclusion:
Our analysis offers a comprehensive short-term and contextual outlook for COLES GROUP LIMITED (COL). We identify clear price levels—both validation and invalidation points—to sharpen confidence in our wave count and trend projections. These insights aim to empower readers with an objective, professional view on ASX market dynamics.

Technical Analyst:
Hua (Shane) Cuong, CEWA‑M (Certified Elliott Wave Analyst – Master Level)

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