Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with BRAMBLES LIMITED – BXB. We see that BXB seems to have completed wave (ii)-orange, but needs to push a little higher to confirm this view. And wave (iii)-orange may return to push higher.
ASX: BXB Elliott Wave technical analysis
ASX: BXB 1D Chart (Semilog Scale) Analysis
Function: Major trend (Minuette degree, orange).
Mode: Motive.
Structure: Impulse.
Position: Wave (iii)-orange.
Details: The short-term outlook shows some evidence that wave (ii)-orange has ended, wave c-grey has fully broken down into 5 waves. A push above 14.60 would renew this bullish view.
Invalidation point: 12.70.
Confirmation point: 14.60.
ASX: BXB four-hour chart analysis
Function: Major trend (Sub minuette degree, grey).
Mode: Motive.
Structure: Impulse.
Position: Wave ((2))-navy of Wave i-grey.
Details: The shorter-term outlook suggests that wave c-grey of wave (ii)-orange appears to have completed its five-wave structure, indicating that it might have ended, and wave (iii)-orange could be resuming to push higher. However, it is too early to draw a definitive conclusion. The price needs to move above 14.60 to clarify this view, while it must remain above 13.88 to keep this wave count valid.
Invalidation point: 13.88.
Confirmation point: 14.60.
Conclusion
Our analysis, forecast of contextual trends, and short-term outlook for ASX: BRAMBLES LIMITED – BXB 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.
Brambles Limited Elliott Wave technical forecast [Video]
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