Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) on COLES GROUP LIMITED – COL. We see upside potential in ASX:COL with wave 3‑grey. In the short term, wave 3‑grey is extended, and its wave ii))‑navy is nearing completion as a Zigzag. After wave ii))‑navy completes, wave iii))‑navy could resume the main trend and continue rising.

COLES GROUP LIMITED – COL Elliott Wave Technical Analysis 1D Chart (Semilog Scale)

• Function: Major trend (Intermediate degree, Orange)
• Mode: Motive
• Structure: Impulse
• Position: Wave ii))‑navy of Wave 3‑grey

Details:
Since the low at 18.33, wave 3‑grey is extending, subdividing into waves i)), ii)), iii))‑navy. In the short term, wave ii))‑navy is nearing completion as a Zigzag labeled a)b)c)‑orange. Wave c)‑orange could target around 21.10–20.31 before the entire wave ii))‑navy ends. After that, we look for evidence of wave iii))‑navy unfolding.
Invalidation point: 18.33

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

• Function: Major trend (Intermediate degree, Orange)
• Mode: Motive
• Structure: Impulse
• Position: Wave c)‑orange of Wave ii))‑navy

Details:
Zooming in, wave ii))‑navy continues aiming for the 21.10–20.31 area. Once it completes, wave iii))‑navy may resume, targeting about $30.00.
Invalidation point: 18.33

Conclusion:
Our analysis and forecast provide context on current trends for COLES GROUP LIMITED – COL, highlighting how to capitalize effectively. We offer specific price points that serve as validation or invalidation signals for our wave counts, enhancing confidence in our outlook. Combining these insights, we aim to deliver readers the most objective and professional perspective on market trends.

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

More By This Author:

Unlocking ASX Trading Success - Mineral Resources Limited
Elliott Wave Technical Analysis: Dell Technologies Inc. - Wednesday, June 25
Elliott Wave Technical Analysis: Euro/British Pound - Wednesday, June 25