ASX: CSL LIMITED - CSLElliott Elliott Wave Technical Analysis TradingLounge (1D Chart)

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with CSL LIMITED - CSL. We see bullish potential with wave iii-grey, but need to wait a bit until wave ii-grey ends.

ASX: CSL LIMITED - CSL1D Chart (Semilog Scale) Analysis

Function: Major trend (Minute degree, navy)

Mode: Motive

Structure: Impulse

Position: Wave i-grey of Wave (iii)-orange of Wave ((iii))-navy

Details: The 1D chart shows things more clearly than the 1W chart. So, wave (ii)-orange may have ended, and wave (iii)-orange is starting to push higher. I will look for a Long Trade Setup when the Major Level 100.00 becomes tested support.

Invalidation point: 283.35

ASX: CSL LIMITED - CSL4-Hour Chart Analysis

Function: Major trend (Minute degree, navy)

Mode: Motive

Structure: Impulse

Position: Wave ((4))-navy of wave i-grey of Wave (iii)-orange.

Details: Looking closer from the low at 283.85, I see a five-wave pushing higher, perhaps as we are in wave ((4))-navy, and then we move higher with wave ((5))-navy, and that will complete the entire i-grey wave. Then wave ii-grey pushes lower, and we will Go Long when the Major Level 300.00 becomes tested support by price staying above it afterwards. 

Invalidation point: 283.85

Conclusion:

Our analysis, forecast of contextual trends, and short-term outlook for ASX: CSL LIMITED - CSLaim 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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