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Introduction

Our Elliott Wave analysis for the Australian Stock Exchange (ASX) highlights the WESTPAC BANKING CORPORATION (WBC). We anticipate that WBC is poised to move higher with wave ((v)) - navy.

1D Chart Analysis

ASX: WESTPAC BANKING CORPORATION – WBC

• Function: Major trend (Minute degree, green)
• Mode: Motive
• Structure: Impulse
• Position: Wave ((v)) - navy

Details: Wave ((iv)) - navy concluded at the low of 26.75. Following this, wave ((v)) - navy is expected to push higher. The invalidation point for this analysis is 26.75.

4-Hour Chart Analysis

ASX: WESTPAC BANKING CORPORATION – WBC

• Function: Major trend (Minuette degree, orange)
• Mode: Motive
• Structure: Impulse
• Position: Wave ((v)) - navy

Details: Wave ((iv)) - navy ended as a Triangle at the low of 26.75. Currently, wave ((v)) - navy is unfolding to push even higher. The price must stay above 26.75 to maintain this outlook. The invalidation point for this analysis is 26.75.

Conclusion 

Our analysis and short-term forecast for ASX: WESTPAC BANKING CORPORATION (WBC) provide insights into current market trends. We offer specific price points that act as validation or invalidation signals for our wave count, enhancing confidence in our perspective. Combining these factors, we aim to present an objective and professional view on market trends.

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

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