Unlocking ASX Trading Success: NATIONAL AUSTRALIA BANK LIMITED - NAB Stock Analysis & Elliott Wave Technical Forecast

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ASX: NATIONAL AUSTRALIA BANK LIMITED - NAB Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with NATIONAL AUSTRALIA BANK LIMITED - NAB. In our Top 50 ASX Stocks forecasting service, NAB's price decline was accurately forecast, significantly reducing risk for investors. We are currently closely monitoring NAB for a further trading opportunity.

ASX: NATIONAL AUSTRALIA BANK LIMITED - NAB Elliott Wave Technical Analysis  

ASX: NATIONAL AUSTRALIA BANK LIMITED - NAB 1D Chart (Semilog Scale) Analysis

Function: Major trend (Minute degree, green)

Mode: Motive

Structure: Impulse

Position: Wave (c)-purple of Wave ((iv))-green

Details: The short-term outlook describes that waves ((i))-green through ((iii))-green have concluded, and wave ((iv))-green is now unfolding. A common retracement target for wave 4 is at the 0.382 level, so I anticipate that wave ((iv)) will continue to decline to lower levels, while prices consistently remain below 36.11, which would increase confidence in this perspective.

Invalidation point: 29.84

 

 

 

ASX: NATIONAL AUSTRALIA BANK LIMITED - NAB Elliott Wave Technical Analysis TradingLounge (4-Hour Chart)

ASX: NATIONAL AUSTRALIA BANK LIMITED - NAB Elliott Wave Technical Analysis

ASX: NATIONAL AUSTRALIA BANK LIMITED - NAB 4-Hour Chart Analysis

Function: Counter trend (Minuette degree, purple)

Mode: Corrective

Structure: Regular Flat

Position: Wave v-blue of Wave (c)-purple  

Details: The short-term outlook suggests that the ((iv))-green wave is unfolding with higher detail. This could potentially be a Flat Correction (3-3-5) pattern, with waves (a) and (b)-purple already completed. Now, wave (c)-purple is likely to unfold, pushing lower. It is subdividing into five smaller waves, with at least waves i-blue to iv-blue identified. This implies that wave v-blue is completing its role. Following this, we may see the return of the ((v))-green wave pushing higher.

Invalidation point: 33.67

 

 

 

Conclusion:  

Our analysis, forecast of contextual trends, and short-term outlook for ASX: NATIONAL AUSTRALIA BANK LIMITED - NAB aim to provide readers with insights into the current market trends and how to capitalize on them effectively. We offer specific price points that act as validation or invalidation signals for our wave count, enhancing the confidence in our perspective. By combining these factors, we strive to offer readers the most objective and professional perspective on market trends.

Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).

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