Unlocking ASX Trading Success: COMMONWEALTH BANK OF AUSTRALIA. - CBA Stock Analysis & Elliott Wave Technical Forecast

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Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with COMMONWEALTH BANK OF AUSTRALIA. - CBA. We see CBA.ASX with bullish potential wave ((iii)).

ASX: COMMONWEALTH BANK OF AUSTRALIA. - CBA Elliott Wave Technical Analysis  

ASX: COMMONWEALTH BANK OF AUSTRALIA. - CBA 1D Chart (Semilog Scale) Analysis

Function: Major trend (Minor degree, gray) 
Mode: Motive 
Structure: Impulse 
Position: Wave (ii)-orange of Wave ((iii))-navy  

Details: Wave (i)-orange has just completed as a Diagonal, and wave (ii)-orange is unfolding to push lower. Diagonals are usually followed by sharp and strong corrections. 
Invalidation point: 124.89

ASX: COMMONWEALTH BANK OF AUSTRALIA. - CBA Elliott Wave Technical Analysis TradingLounge (4-Hour Chart)

ASX: COMMONWEALTH BANK OF AUSTRALIA. - CBA Elliott Wave Technical Analysis

Function: Major trend (Minor degree, grey) 
Mode: Motive 
Structure: Impulse 
Position: Wave (ii)-orange of Wave ((iii))-navy

Details: Wave (i)-orange has ended below the Diagonal, wave (ii)-orange is likely to unfold to push lower, the first target it could be aiming at is at 136.98, or maybe lower. After wave (ii)-orange ends, wave (iii)-orange could return to push higher. 
Invalidation point: 124.89 

Conclusion:

Our analysis, forecast of contextual trends, and short-term outlook for ASX: COMMONWEALTH BANK OF AUSTRALIA. - CBA 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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