ASX: NATIONAL AUSTRALIA BANK LIMITED - NAB Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with NATIONAL AUSTRALIA BANK LIMITED - NAB. We see NAB.ASX looking to push higher with wave (iii)-orange.

ASX: NATIONAL AUSTRALIA BANK LIMITED - NAB Elliott Wave Technical Analysis

ASX: NATIONAL AUSTRALIA BANK LIMITED - NAB 1D Chart (Semilog Scale) Analysis

Function: Major trend (Minute degree, navy) 

Mode: Motive 

Structure: Impulse 

Position: Wave (iii)-orange of Wave ((v))-navy 

Details: Since the low at 34.67, wave (iii)-orange is unfolding to push higher, which itself is subdividing into waves ((1)),((2))-navy and currently wave (1)-orange. Wave (2)-orange will soon unfold to push a little lower, and finally wave (3)-orange will return to push higher.

Invalidation point: 35.70

ASX: NATIONAL AUSTRALIA BANK LIMITED - NAB Elliott Wave Technical Analysis TradingLounge (4-Hour Chart)

ASX: NATIONAL AUSTRALIA BANK LIMITED - NAB 4-Hour Chart Analysis

Function: Major trend (Minuette degree, orange) 

Mode: Motive 

Structure: Impulse 

Position: Wave (2)-orange of Wave ((3))-navy of Wave (iii)-orange 

Details: Wave ((3))-navy is unfolding to push higher, it itself subdivides into wave (1)-orange, price has pushed higher, so it may end soon, and wave (2)-orange will push lower a bit, finally wave (3)-orange will return and continue its work to push higher, aiming at the target at the upper edge of the Channel. 

Invalidation point: 35.70

Conclusion:

Our analysis, forecast of contextual trends, and short-term outlook for ASX: NATIONAL AUSTRALIA BANK LIMITED - NAB 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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