ASX: SCENTRE GROUP – SCG Elliott Wave Technical Analysis

TradingLounge (1D Chart)

Greetings, our Elliott Wave analysis today provides an update on the Australian Stock Exchange (ASX) with a focus on SCENTRE GROUP – SCG. It appears that wave ((ii)) - navy has concluded, and wave ((iii)) - navy is likely beginning a move higher. The Long Trade position (StockCheck) currently shows a favorable profit, prompting a necessary adjustment to the Stoploss, raising it to 3.26.

ASX: SCENTRE GROUP – SCG Elliott Wave Technical Analysis
ASX: SCENTRE GROUP – SCG 1D Chart (Semilog Scale) Analysis
Function: Major trend (Minute degree, navy)
Mode: Motive
Structure: Impulse
Position: Wave ((iii)) - navy
Details: Wave (iii) - orange is progressing higher, potentially aiming for 3.62. The Long Trade position has minimized most risks by adjusting the initial Stoploss from 3.162 to 3.26.
Invalidation point: 3.19

ASX: SCENTRE GROUP – SCG Elliott Wave Technical Analysis
TradingLounge (4-Hour Chart)

ASX: SCENTRE GROUP – SCG Elliott Wave Technical Analysis
ASX: SCENTRE GROUP – SCG 4-Hour Chart Analysis
Function: Major trend (Minuette degree, orange)
Mode: Motive
Structure: Impulse
Position: Wave (iii) - orange
Details: Wave (iii) - orange continues its upward trajectory, provided the price remains above the 3.26 low. The Long Trade position (StockCheck) has shown good profit, warranting a risk reduction by raising the Stoploss to 3.26.
Invalidation point: 3.19

Conclusion:

Our analysis, forecast of contextual trends, and short-term outlook for ASX: SCENTRE GROUP – SCG aim to provide insights into current market trends and strategies to capitalize on them effectively. We offer specific price points that act as validation or invalidation signals for our wave count, thereby enhancing confidence in our perspective. By integrating these factors, we strive to deliver the most objective and professional perspective on market trends.

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

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