ASX: REECE LIMITED - REH Elliott Elliott Wave Technical Analysis TradingLounge

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with REECE LIMITED - REH. We see REH.ASX continuing to push lower with another leg up, and be prepared for a return of the 5-grey wave.

ASX: REECE LIMITED - REH 1D Chart (Semilog Scale) Analysis

Function: Major trend (Intermediate degree, orange)

Mode: Motive

Structure: Impulse

Position: Wave 4-grey

Details: Wave 4-grey is still extending longer than expected and pushing a little lower. Then wave 5-grey may come back to push higher.

Invalidation point: 20.73

ASX: REECE LIMITED - REH 4-Hour Chart Analysis

Function: Major trend (Minute degree, navy)

Mode: Motive

Structure: Impulse

Position: Wave (v)-orange of Wave ((c))-navy of Wave 4-grey

Details: Wave 4-grey is developing as an Expanded Flat, and its wave ((c))-navycontinues to push lower, which itself is subdividing into wave (iv)-orange and it may push a little higher, targeting around 23.50 - 24.17, then wave (iv)-orange will end and wave (v)-orange may return to push lower. And finally after wave 4-grey completes, wave 5-grey will return to push higher.

Invalidation point: 26.52

Conclusion:

Our analysis, forecast of contextual trends, and short-term outlook for ASX: REECE LIMITED - REH 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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