Our Elliott Wave analysis today provides an update on the Australian Stock Exchange (ASX) performance of JAMES HARDIE INDUSTRIES PLC (JHX). Based on our assessment, ASX:JHX shares are likely to continue their decline in the medium term, meaning that long strategies should be approached with caution due to existing risk factors. This analysis will break down the potential trend and key price levels, helping traders determine market movement with both scientific and intuitive approaches.

JAMES HARDIE INDUSTRIES PLC (JHX) Elliott Wave Technical Analysis

1D Chart (Semilog Scale) Analysis

• Function: Major Trend (Intermediate Degree, Orange)

• Mode: Motive

• Structure: Impulse

• Position: Wave C - Grey of Wave (2) - Orange

• Details:

  • Wave (2) - Orange appears incomplete, forming a Zigzag pattern.
  • The latest price movement has been sideways, forming what appears to be a Triangle labeled Wave B - Grey, which has recently ended.
  • Now, Wave C - Grey is expected to push lower, with price potentially breaking below the 49.16 USD level, confirming this bearish scenario.

• Invalidation Point: 55.09 USD

• Key Level: 49.16 USD

JAMES HARDIE INDUSTRIES PLC (JHX) 4-Hour Chart Analysis

• Function: Major Trend (Intermediate Degree, Orange)

• Mode: Motive

• Structure: Impulse

• Position: Wave C - Grey of Wave (2) - Orange

• Details:

  • A closer examination suggests that Wave ((e)) - Navy of Wave B - Grey has completed a three-wave Zigzag, ending at the 55.09 USD high.
  • With this structure completed, a bearish outlook remains likely, indicating further downside movement.

• Invalidation Point: 55.09 USD

• Key Level: 49.16 USD

Conclusion

Our Elliott Wave forecast for JAMES HARDIE INDUSTRIES PLC (JHX) provides an objective analysis of the current market trends, helping traders make informed decisions. We identify key price levels that act as validation or invalidation signals, enhancing confidence in our wave count predictions. By combining technical insights with structured market analysis, we offer traders a clear and professional perspective on potential future price movements.

Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation)

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