ASX: MERIDIAN ENERGY LIMITED – MEZ Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) MERIDIAN ENERGY LIMITED – MEZ. We see MEZ.ASX continuing to push lower, and eventually as wave (2)-orange ends, we can return to wave (3)-orange.

ASX: MERIDIAN ENERGY LIMITED – MEZ 1D Chart (Semilog Scale) Analysis

Function: Major trend (Intermediate degree, orange)

Mode: Motive

Structure: Impulse

Position: Wave (2)-orange

Details: Wave (1)-orange appears to have completed as a Diagonal, and wave (2)-orange is unfolding to push lower, targeting around 5.22. Usually, following a Diagonal, the second wave usually retraces deeply, so I don't think wave (2)-orange is complete.

Invalidation point: 4.38

ASX: MERIDIAN ENERGY LIMITED – MEZ 4-Hour Chart Analysis

Function: Major trend (Intermediate degree, orange)

Mode: Motive

Structure: Impulse

Position: Wave ((c))-navy of Wave C-grey of Wave (2)-orange

Details: Taking a closer look at the development of wave (2)-orange, it is developing as a Zigzag labeled A,B,C-grey. Wave C-grey is continuing to push lower and developing as a Diagonal. Its wave ((v))-navy will push lower still.

Invalidation point: 6.18

Conclusion:

Our analysis, forecast of contextual trends, and short-term outlook for ASX: MERIDIAN ENERGY LIMITED – MEZ aim 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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