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ASX: WESTPAC BANKING CORPORATION - WBC Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)
 
Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with WESTPAC BANKING CORPORATION - WBC. We determine that wave ((iv))-navy is unfolding, and seems to end soon, creating conditions for wave ((v))-navy to return to continue pushing higher.
 
ASX: WESTPAC BANKING CORPORATION - WBC  Elliott Wave Technical Analysis  
ASX: WESTPAC BANKING CORPORATION - WBC  1D Chart (Semilog Scale) Analysis
Function: Major trend (Minute degree, green)
Mode: Motive
Structure: Impulse
Position: Wave (d)-orange of Wave ((iv))-navy  
Details: The short-term outlook shows that wave ((iv))-navy seems to be unfolding as a Triangle, and needs a little more time before completion. Following this, wave ((v))-navy may return to push higher. Evidence suggests this is a Triangle because there are many three-wave structures within the subwaves. Looking for a long trade setup might be optimal when the price pushes above the high labeled as wave (d)-orange.
Invalidation point: 25.14
Asx24(1).thumb.png.3765fe538572a3e6bf34debf788c9b87.png
 
ASX: WESTPAC BANKING CORPORATION - WBC  Elliott Wave Technical
Analysis TradingLounge (4-Hour Chart)
ASX: WESTPAC BANKING CORPORATION - WBC  Elliott Wave Technical Analysis
ASX: WESTPAC BANKING CORPORATION - WBC  4-Hour Chart Analysis
Function: Major (Minor degree, navy)
Mode: Motive
Structure: Impulse
Position: Wave c-grey of Wave (d)-orange of Wave ((iv))-navy
Details: The shorter-term outlook suggests that wave ((iv))-navy is unfolding as a Triangle. Wave (d)-orange is nearing its completion. Once the Triangle concludes, wave ((iv))-navy will also complete. At that point, a long trade setup can be initiated when the price pushes above the high labeled as wave (d)-orange.
Invalidation point: 25.14
Asx24.thumb.png.1bd866b4bae53c88923bba0067b45830.png
 
Conclusion:  
Our analysis, forecast of contextual trends, and short-term outlook for ASX: WESTPAC BANKING CORPORATION - WBC 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).
Source : Tradinglounge.com get trial here!
 
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