Elliott Wave Technical Forecast: Unlocking ASX Trading Success: ASX Limited – Thursday, May 16

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 ASX: ASX Limited – ASX  Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with ASX Limited – ASX. We have determined that wave 2-red has ended, and wave 3-red can be opened to push higher.ASX: ASX Limited – ASX  Elliott Wave Technical Analysis  ASX: ASX Limited – ASX  1D Chart (Semilog Scale) AnalysisFunction: Major (Minor degree, red)
Mode: Motive
Structure: Impulse
Position: Wave (iii)-purple of Wave 3-red
Details: Short-term outlook suggests that the 2-red wave has just concluded, and the 3-red wave may be ready to resume its upward movement. We are waiting for a smaller ABC Correction to have a good Long Trade Setup.
Invalidation point: 61.71ASX: ASX Limited – ASX  Elliott Wave Technical Analysis TradingLounge (4-Hour Chart)ASX: ASX Limited – ASX  Elliott Wave Technical AnalysisASX: ASX Limited – ASX  4-Hour Chart AnalysisFunction: Major trend (Minuette degree, purple)  Mode: Motive  Structure: Impulse  Position: Wave ((1))-red of Wave (iii)-purple  Details: The short-term outlook suggests that waves (i) and (ii)-purple have just completed, and wave (iii)-purple appears to be unfolding to push higher. Current price action indicates that wave ((1))-red is nearing completion, followed by wave ((2))-red opening up, retracing slightly lower, and then wave ((3))-red may be ready to resume its trajectory.Invalidation point: 62.66

Conclusion:  
Our analysis, forecast of contextual trends, and short-term outlook for ASX: ASX Limited – ASX  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).More By This Author:Elliott Wave Analysis For Major Indices S&P 500, SPY, Nasdaq 100, QQQ
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