Unlocking ASX Trading Success: Computershare Limited. Stock Analysis & Elliott Wave Technical Forecast - Wednesday, October 9

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with COMPUTERSHARE LIMITED. - CPU. We see CPU.ASX not ready to rally yet, there is a good chance that there will be another push lower before it really starts to move higher afterwards.

ASX: COMPUTERSHARE LIMITED. - CPU 1D Chart (Semilog Scale) Analysis

Function: Major trend (Minor degree, grey)

Mode: Motive

Structure: Impulse

Position: Wave ((b))-navy of Wave 2-grey

Details: Wave 1-grey has finished as a Diagonal, and wave 2-grey is unfolding to push lower, aiming for retracement targets at 50% - 61.8%, Diagonals are usually followed by deep and powerful moves. So this wave 2-grey will continue its role. And it is developing as a Zigzag, wave ((a))-navy is completed, now it is time for wave ((b))-navy to push a little higher.

Invalidation point: 20.27

(Click on image to enlarge)

Asx24(1).thumb.png.da962dea4dfb468784e7b51033382c16.png

 

ASX: COMPUTERSHARE LIMITED. - CPU 4-Hour Chart Analysis

Function: Counter trend (Minute degree, navy)

Mode: Motive

Structure: Zigzag

Position: Wave ((b))-navy of Wave 2-grey

Details: Looking closer, wave 1-grey has ended as a Diagonal, and wave 2-grey is unfolding to push lower. Usually, after Diagonals, price action is usually sharp and strong, so wave 2-grey will continue to push lower, aiming for targets around 24.16 - 23.18. Wave 2-grey itself is developing as a Zigzag, and its wave ((b))-navy is pushing a bit higher, circling targets at 26.5 -27.2 - 28, after which wave ((c))-navy will return and push lower.

Invalidation point: 28.76

(Click on image to enlarge)

Asx24.thumb.png.01b28af3600e51c52fe7c8d93d242dfd.png

Conclusion:

Our analysis, forecast of contextual trends, and short-term outlook for ASX: COMPUTERSHARE LIMITED. - CPU 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 Technical Analysis: Bitcoin Crypto Price News For Wednesday, Oct 9
Hero Motocorp Stocks Elliott Wave Technical Analysis - Tuesday, October 8,
Kospi Composite Index Elliott Wave Technical Analysis - Tuesday, October 8

Analyst Peter Mathers TradingLounge™ Australian Financial Services Licence - AFSL 317817

How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.
Or Sign in with