Wisetech Global Limited, listed on the Australian Stock Exchange (ASX) under the symbol WTC, is currently showing a bullish trend according to Elliott Wave analysis. The analysis indicates that wave (v) is expected to continue pushing higher. Last week’s forecast accurately predicted the increase in WTC’s price.
On the 1D chart in a semilog scale, the analysis shows that the major trend is in an impulse structure with Wave iii-blue of Wave (v)-purple of Wave ((iii))-green. The short-term outlook suggests that the (iv)-purple wave has ended and the (v)-purple wave is likely to push higher, targeting 109.26. It is important for the price to remain above 94.82 to support this perspective, with an invalidation point at 88.33.
The 4-hour chart analysis also confirms the bullish trend, with Wave iii-blue indicating an impulse structure. The short-term outlook for this chart suggests that wave iii-blue is opening up to push higher, with the price needing to stay above 94.79. A dip below this level could indicate a temporary pullback before wave v-blue resumes. The invalidation point for this chart is also at 88.33.
In conclusion, the analysis and forecast of ASX: WISETECH GLOBAL LIMITED – WTC aim to provide valuable insights for readers to capitalize on market trends effectively. Specific price points are provided as validation or invalidation signals for the wave count, enhancing the confidence in the perspective presented. By combining these factors, the analysis strives to offer readers an objective and professional view of current market trends.
The technical analyst behind this analysis is Hua (Shane) Cuong, CEWA-M, a Master’s Designation holder in Elliott Wave analysis. The comprehensive analysis presented in this article, along with the accompanying video, serves as a valuable resource for investors looking to understand and navigate the market trends surrounding ASX: WISETECH GLOBAL LIMITED – WTC.
