ASX: WESFARMERS LIMITED – WES Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with WESFARMERS LIMITED – WES. We see WES could continue to push lower with the fourth wave.

ASX: WESFARMERS LIMITED – WES 1D Chart (Semilog Scale) Analysis

Function: Major trend (Minute degree, navy)

Mode: Motive

Structure: Impulse

Position: Wave 4-grey of Wave (3)-orange

Details: Wave 4-grey is unfolding to push lower, it may continue towards the lower edge of the Channel, or the target at 63.06. Analysis of the 4H chart will clarify its internals in more detail. 

Invalidation point: 52.79

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ASX: WESFARMERS LIMITED – WES 4-Hour Chart Analysis

Function: Counter trend (Minute degree, navy)

Mode: Corrective

Structure: Zigzag

Position: Wave (c)-orange of Wave ((b))-navy

Details: Wave ((a))-navy has finished, and wave ((b))-navy will probably need a little more time to complete, it may be developing as a Triangle, labeled from wave (a)-orange to (e)-orange. After completion, wave ((c))-navy will return to continue pushing lower, towards the targets mentioned. 

Invalidation point: 77.17

(Click on image to enlarge)

Conclusion:

Our analysis, forecast of contextual trends, and short-term outlook for ASX: WESFARMERS LIMITED – WES 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.

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