The S&P/ASX 200 Elliott Wave Analysis Trading Lounge day chart is showing a bullish trend in impulsive mode, with Gray Wave 3 currently unfolding. This phase follows the completion of Gray Wave 2, indicating a continuation of the upward trend. In Elliott Wave theory, Wave 3 is known for its strong and dynamic movement, aligning with the current market momentum. Positioned within Orange Wave 3 of Gray Wave 3, this structure suggests further upward potential and minimal corrections. The invalidation level is set at 7,066.9, serving as a critical threshold to maintain the bullish scenario.
The S&P/ASX 200 Weekly Chart Elliott Wave analysis also points to a bullish trend in an impulsive mode, with Gray Wave 3 in progress after the completion of Gray Wave 2. Within Orange Wave 3 of Gray Wave 3, the market shows strong upward momentum and minimal pullbacks. The wave invalidation level of 7,066.9 is crucial for confirming the wave count and supporting expectations for continued bullish movement. As long as prices remain above this level, the chart indicates a stable bullish bias and potential for further gains.
In summary, both the day chart and weekly chart analysis of the S&P/ASX 200 Index highlight a strong bullish trend in Gray Wave 3, with Orange Wave 3 supporting further upward movement. The wave structure suggests ongoing bullish momentum with minimal corrections, reinforcing the positive outlook for the index. The invalidation level at 7,066.9 acts as a critical reference point to confirm the wave count and maintain the bullish projection. Overall, the analysis indicates a favorable environment for continued upward momentum in the market.
