ASX: INSURANCE AUSTRALIA GROUP LIMITED – IAG Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with INSURANCE AUSTRALIA GROUP LIMITED – IAG. We see IAG about to move up with wave 5-grey, but it will take a little more time for wave 4-grey to complete.

ASX: INSURANCE AUSTRALIA GROUP LIMITED – IAG 1D Chart (Semilog Scale) Analysis

Function: Major trend (Intermediate degree, orange)

Mode: Motive

Structure: Impulse

Position: Wave 4-grey of Wave (5)-orange

Details: Wave 4-grey seems to be unfolding to push lower, it could target around 6.87. Then wave 5-grey could come back to push higher, aiming for even higher levels.

Invalidation point: 6.38

ASX: INSURANCE AUSTRALIA GROUP LIMITED – IAG 4-Hour Chart Analysis

Function: Major trend (Minor degree, grey)

Mode: Motive

Structure: Impulse

Position: Wave ((b))-navy of Wave 4-grey

Details: Looking more closely at the 4-grey wave, I think the first leg of the Zigzag pattern is done and labeled wave ((a)), so there is still a second leg, which will push further down with ((c))-navy. I don't think the 4-grey wave is done, but it is likely to continue for a while longer.

Invalidation point: 6.38

Conclusion:

Our analysis, forecast of contextual trends, and short-term outlook for ASX: INSURANCE AUSTRALIA GROUP LIMITED – IAG aims 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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