ASX: WOOLWORTHS GROUP LIMITED - WOW Elliott Elliott Wave Technical Analysis TradingLounge

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with WOOLWORTHS GROUP LIMITED - WOW. We see ASX:WOW not really rising, but still has a push lower.

ASX: WOOLWORTHS GROUP LIMITED - WOW 1D Chart (Semilog Scale) Analysis

Function: Major trend (Primary degree, navy)

Mode: Motive

Structure: Impulse

Position: Wave (B)-orange of Wave ((Z))-navy

Details: Wave II-grey continued longer than expected and pushed lower as a Triple Zigzag, targeting the low around 27.38. There is probably still a push lower with wave (C)-orange. Then when price pushes higher above 36.65 it is the first step to show that a correction wave is completed, and we can move higher.

Invalidation point: 36.65

ASX: WOOLWORTHS GROUP LIMITED - WOW 4-Hour Chart Analysis

Function: Major trend (Primary degree, navy)

Mode: Motive

Structure: Impulse

Position: Wave (B)-orange of Wave ((Z))-navy

Details: There is probably still a push lower with wave (C)-orange. Perhaps there is still a push lower with the (C)-orange wave. Since I see the (A)-orange wave completing the five-waves within the ((Z))-navy wave, perhaps a little more push higher is needed with the (B)-orange wave, and then another five-wave lower.

Invalidation point: 36.65

Conclusion:

Our analysis, forecast of contextual trends, and short-term outlook for ASX: WOOLWORTHS GROUP LIMITED - WOW 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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