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ASX: REA Group Ltd - REA Elliott Wave Technical Analysis

TradingLounge (1D Chart)

Greetings, our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with REA Group Ltd - REA. We see REA could push even higher with the third wave of the third wave.

ASX: REA Group Ltd - REA 1D Chart (Semilog Scale) Analysis

• Function: Major trend (Minor degree, gray)
• Mode: Motive
• Structure: Impulse
• Position: Wave iii - gray of Wave (iii) - orange of Wave 3 - gray

Details: The short-term outlook shows that wave iii - gray is unfolding to push higher, while the price should stay above 181.68.

Invalidation point: 181.68

ASX: REA Group Ltd - REA Elliott Wave Technical Analysis

TradingLounge (4-Hour Chart)

ASX: REA Group Ltd - REA Elliott Wave Technical Analysis

ASX: REA Group Ltd - REA 4-Hour Chart Analysis

• Function: Major trend (Minuette degree, orange)
• Mode: Motive
• Structure: Impulse
• Position: Wave (iii) - orange of Wave ((iii)) - navy of Wave 3 - grey

Details: Wave (iii) - orange of wave ((iii)) - navy is opening up to push higher. It is important that the price remains above 189.80 to maintain this view.

Invalidation point: 189.80

Conclusion: Our analysis and forecast of contextual trends, along with the short-term outlook for ASX: REA Group Ltd - REA, 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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