ASX: WESTPAC BANKING CORPORATION – WBC Elliott Elliott Wave Technical Analysis TradingLounge.
Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with WESTPAC BANKING CORPORATION – WBC. We see WBC.ASX could be rising with wave iii-grey of wave (v)-orange.
ASX: Westpac Banking Corporation – WBC 1D chart (semilog scale) analysis
Function: Major trend (Minute degree, green).
Mode: Motive.
Structure: Impulse.
Position: Wave iii-grey of Wave (v)-orange of Wave ((v))-navy.
Details: Wave iii-grey of wave (v)-orange is unfolding to push higher. Conversely, a push below 31.13 shows that wave (v)-orange is not ready yet, instead wave (iv)-orange is unfolding as a Triangle and needs a little more time before pushing higher.
Invalidation point: 31.13.
ASX: Westpac Banking Corporation – WBC four-hour chart analysis
Function: Major trend (Minute degree, navy).
Mode: Motive.
Structure: Impulse.
Position: Wave iii-grey of Wave (v)-orange of Wave ((v))-navy of Wave A-grey.
Details: Wave (iv)-orange may have ended, and wave (v)-orange is unfolding to push higher, it is subdividing into waves i,ii,iii-grey. And wave iii-grey may continue to push higher.
Invalidation point: 31.13.
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).
ASX: Westpac Banking Corporation – WBC four-hour chart analysis [Video]
Read the full article here