ASX Limited (ASX) is currently undergoing a major wave analysis according to Elliott Wave theory. The recent bottoming out of wave 2-re signals the beginning of a wave 3-red, which is expected to push significantly higher. The short-term outlook suggests that a smaller ABC correction is needed before a good long trade setup can be established. The invalidation point for this analysis is at 61.71.
On the 4-hour chart, ASX is in a major trend with wave ((2))-red currently unfolding. The shorter-term outlook indicates that wave (ii)-purple has bottomed out and wave (iii)-purple is still in its initial stages. Waves ((1))-red and ((2))-red are developing, and once wave ((2))-red concludes, wave ((3))-red is expected to push higher, potentially reaching around 65 in the short term. The invalidation point for this analysis is at 65.35.
In conclusion, the analysis provided aims to give readers insights into the current market trends and how to effectively capitalize on them. Specific price points are offered as validation or invalidation signals for the wave count, enhancing confidence in the perspective provided. By combining these factors, readers are given an objective and professional perspective on the market trends.
The technical analyst behind this analysis is Hua (Shane) Cuong, CEWA-M (Master’s Designation). For a more in-depth analysis, readers can also refer to the accompanying video on ASX Limited’s Elliott Wave technical analysis.
