Elliott Wave analysis of the ASX V300AEQ ETF UNITS – VAS shows that wave 2-red has ended and wave 3-red is emerging. The major trend is considered to be in the impulse phase, with wave (y)-orange of Wave ((ii))-navy of Wave 3-grey in progress. The short-term outlook indicates that wave 3-grey is unfolding, with wave ((i))-navy completed and now wave ((ii))-navy starting to decline. A buy setup is anticipated once wave ((ii))-navy is completed, targeting wave ((iii))-navy of wave 3-grey.
On the four-hour chart, the major trend is still in the impulse phase, with wave (y)-orange of Wave ((ii))-green in progress. Wave ((i))-navy has ended with a five-wave pattern, and wave ((ii))-navy is expected to push lower in a Double Zigzag pattern. Support levels are identified at 95.01 – 93.62, with a long trade setup anticipated once wave ((ii))-navy is complete.
In conclusion, the analysis provided aims to offer readers insights into current market trends and opportunities for trading. By identifying key price points for validation or invalidation of the wave count, the analysis seeks to enhance confidence in the forecasted trends. The goal is to provide readers with a professional and objective perspective on how to effectively capitalize on the market movements.
