The S&P/ASX 200 Elliott Wave Analysis on both the day and weekly charts indicates a strong bullish trend, with impulsive modes currently in play. On the day chart, the focus is on gray wave 3 within orange wave 3, while on the weekly chart, the analysis centers on orange wave 3 within navy blue wave 3. In both cases, the completion of corrective phases signals ongoing upward momentum in the market.
The transition from the completion of gray/orange wave 2 to the advancement of gray/orange wave 3 typically results in stronger price movements in the direction of the prevailing trend. The analysis highlights the importance of watching for the development of the next corrective phase, gray/orange wave 4, which will follow the completion of wave 3. The invalidation level set at 7,625.9 serves as a crucial point to monitor for potential changes in the wave structure.
With the market positioned favorably within the impulsive phases of gray/orange wave 3 and navy blue wave 3, the overall outlook remains bullish. The completion of the corrective phases and the ongoing upward momentum suggest continued price increases in the near future. However, breaching the invalidation level could indicate a shift in the wave structure, requiring a reassessment of the market’s direction.
In conclusion, the S&P/ASX 200 Elliott Wave Analysis points towards a bullish trend with expectations of further upward movement. The completion of corrective phases and the current impulsive phases indicate sustained momentum in the market. Monitoring the invalidation level is crucial for staying informed about any potential changes in the wave structure that could impact the market’s trajectory.Overall, the technical analysis by Malik Awais showcases the current strength of the market in both the short and long term, providing valuable insights for traders and investors looking to navigate the S&P/ASX 200.
