Elliott Wave Technical Analysis – TradingLounge

Today’s Elliott Wave analysis covers the ASX-listed INSURANCE AUSTRALIA GROUP LIMITED – IAG.
Current movements suggest that ASX:IAG is concluding a B-grey wave and preparing for another downward leg. No bullish trend is currently visible, indicating that initiating a Long position could be high-risk.

ASX:IAG – Elliott Wave Technical Analysis
Chart Type: 1-Day (Semilog Scale)

Function: Major trend (Minor degree, grey)

Mode: Motive

Structure: Impulse

Position: Wave C-grey

Analysis Details:
Wave 3-orange concluded with a five-wave sequence. Wave 4-orange appears to be forming a downward Zigzag (A, B, C-grey). Wave A-grey has finalized. Wave B-grey likely completed as an Expanded Flat. Wave C-grey now seems to be progressing lower, targeting a minimum of 7.79.

Invalidation Point: 9.03

Elliott Wave Technical Analysis – TradingLounge (4-Hour Chart)

ASX:IAG – 4-Hour Chart Analysis

Function: Major trend (Minor degree, grey)

Mode: Motive

Structure: Impulse

Position: Wave C-grey

Analysis Details:
Zooming in, both A-grey and B-grey waves have ended. Since peaking at 9.03, the C-grey wave is expected to move downward. The first price target is 7.79, with extended targets between 7.42 and 7.10. To uphold this outlook, price must stay below 9.03.

Conclusion:
This analysis aims to deliver a concise technical perspective on ASX:IAG. It identifies key price levels as confirmation or invalidation signals. These insights, when integrated with sound trading principles, can guide better decision-making.

Technical Analyst: Hua (Shane) Cuong, CEWA-M

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