ASX: WESTPAC BANKING CORPORATION – WBC Elliott Wave Technical Analysis

Today's Elliott Wave analysis focuses on the Australian Stock Exchange (ASX) and WESTPAC BANKING CORPORATION (WBC).

We observe weakness in ASX:WBC, indicating a medium-term bearish trend. This analysis provides insights into potential trend movements and key price levels where a possible trend reversal might occur.

ASX: WESTPAC BANKING CORPORATION – WBC Elliott Wave Technical Analysis (1D Chart – Semilog Scale)

Analysis:

• Function: Major Trend (Minute Degree, Green)
• Mode: Motive
• Structure: Impulse
• Position: Wave B (Grey) of Wave (Y) (Orange)

Details:

• Wave A (Grey) ended at 35.27, and Wave B (Grey) is currently moving lower, targeting 26.75.
• This indicates the potential for a significant price drop, making long positions riskier.

Invalidation Point:

• 35.27

ASX: WESTPAC BANKING CORPORATION – WBC Elliott Wave Technical Analysis (4-Hour Chart)

ASX: WBC 4-Hour Chart Analysis

Analysis:

• Function: Major Trend (Minute Degree, Navy)
• Mode: Motive
• Structure: Impulse
• Position: Wave ((a)) (Navy) of Wave B (Grey) of Wave (Y) (Orange)

Details:

• Since the high at 35.27, Wave B (Grey) is unfolding with sharp and strong downward momentum.
• The zigzag pattern is forming as ((a))((b))((c)).
• Wave ((a)) (Navy) is near completion, after which Wave ((b)) (Navy) may retrace slightly higher before a final downward move in Wave ((c)) (Navy).

Invalidation Point:

• 35.27

Conclusion

Our Elliott Wave forecast for ASX: WESTPAC BANKING CORPORATION (WBC) provides traders with a comprehensive outlook on market trends and potential trading opportunities.

By identifying key validation and invalidation price points, we help traders enhance their market confidence and decision-making process. Our goal is to provide the most objective, data-driven, and professional analysis of WBC’s price movements.

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

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