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 WOW is probably about to enter a Bull Market phase with wave ((iiii))-navy of wave 3-grey.

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

Function: Major trend (Intermediate degree, orange) 

Mode: Motive 

Structure: Impulse 

Position: Wave ((ii))-navy of Wave (3)-orange. 

Details: Wave ((i))-navy has just ended, and wave ((ii))-navy seems to be unfolding to push lower, aiming at targets at 34.75 - 34.32. Finally, wave ((iii))-navy will return to continue pushing higher. 

Invalidation point: 32.98

(Click on image to enlarge)

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

Function: Major trend (Minute degree, navy) 

Mode: Motive 

Structure: Impulse 

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

Details: Wave ((ii))-navy is unfolding to push lower, I don't think it's over yet, as wave (a)-orange may have just completed, and wave (b)-orange is pushing a bit higher, then wave (c)-orange may come back to push lower, targeting the low around 78.60%. Finally wave ((iii))-navy may come back to push higher. 

Invalidation point: 120.59

(Click on image to enlarge)

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.

More By This Author:

Elliott Wave Analysis For Leading Nasdaq Tech Stocks And S&P 500
McDonald’s Corp. Stocks Elliott Wave Technical Analysis - Friday, September 13
Elliott Wave Technical Analysis: Gold (XAUUSD) Commodity