Elliott Wave analysis was conducted on Woolworths Group Limited on the Australian Stock Exchange (ASX) with the potential prediction of a lower push in the short term. The analysis focused on the major trend in the intermediate degree, denoted by the color orange, with the mode being motive and the structure being impulse. The position of the wave was identified as wave (2) – orange, following the completion of wave (1) – orange with a five-wave pattern. The targets for the potential drop were estimated to be around 33.22 – 32.61, with a long trade setup being considered after wave (2).
In the Elliott Wave one-day chart analysis, the same major trend, mode, and structure were identified, with wave (2) – orange expected to push lower following the completion of wave (1) – orange. The first target for the drop was predicted at 33.22, with further potential declines to 32.61 or 32.00. An invalidation point was set at 30.12 to monitor the accuracy of the forecast and adjust the trading strategy accordingly. The analysis included specific price points to provide validation or invalidation signals for the wave count, enhancing the confidence in the perspective presented.
The conclusion of the analysis highlighted the aim of providing readers with insights into the current market trends and effective strategies to capitalize on them. By offering specific price points and validation signals, the analysis aimed to enhance the professional and objective perspective on market trends for the readers. The combination of these factors aimed to provide a comprehensive outlook on Woolworths Group Limited on the ASX and empower traders with the information needed to make informed decisions in the market.
In summary, the Elliott Wave technical analysis on Woolworths Group Limited on the ASX provided a forecast of potential lower movements in the short term. The analysis focused on the major trend in the intermediate degree, identifying key levels for the potential drop and setting validation and invalidation points for a confident trading strategy. The conclusion emphasized the aim of offering professional insights into market trends and empowering traders with the knowledge needed to navigate the market effectively.
