ASX: INSURANCE AUSTRALIA GROUP LIMITED – IAG Elliott Elliott Wave Technical Analysis TradingLounge

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with INSURANCE AUSTRALIA GROUP LIMITED – IAG. We see ASX:IAG possibly continuing to push lower with wave ((4))-navy in the coming period.

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

Function: Major trend (Intermediate degree, orange)

Mode: Motive

Structure: Impulse

Position: Wave ((4))-navy

Details: Wave ((3))-navy has most likely ended as a five-wave as I counted from (1)-orange to (5)-orange. So wave ((4))-navy is likely pushing lower, and will target around the 7.25 low. While price must remain below the 8.60 high to maintain this view.

Invalidation point: 8.60

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

Function: Major trend (Intermediate degree, orange)

Mode: Motive

Structure: Impulse

Position: Wave (C)-orange of Wave ((4))-navy

Details: Looking closer, the ((4))-navy wave is developing as a Zigzag labeled (A)(B)(C)-orange or it can also be replaced with (1)(2)(3)-orange, it doesn't matter, as the price action will probably continue to push lower.

Invalidation point: 8.60

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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