ASX: ANZ GROUP HOLDINGS LIMITED – ANZ Elliott Elliott Wave Technical Analysis TradingLoungeGreetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with ANZ GROUP HOLDINGS LIMITED – ANZ. We see ASX:ANZ potentially pushing much lower in the coming period.ASX: ANZ GROUP HOLDINGS LIMITED – ANZ 1D Chart (Semilog Scale) AnalysisFunction: Major trend (Intermediate degree, orange)Mode: MotiveStructure: ImpulsePosition: Wave ((a))-navy of Wave 4-orangeDetails: Wave (3)-orange is probably over, and wave (4)-orange is pushing significantly lower, targeting around 27.25. So the previous Long trade is probably at risk. We might consider exiting the position earlier with a shorter stop than the original.Invalidation point: The end of Wave (3)-orange.ASX: ANZ GROUP HOLDINGS LIMITED – ANZ 4-Hour Chart AnalysisFunction: Major trend (Intermediate degree, orange)Mode: MotiveStructure: ImpulsePosition: Wave ((a))-navy of Wave (4)-orangeDetails: It is quite clear that the 5-grey wave took a long time to develop and lacked strength, it suggests that it is a Diagonal Ending, so it is very likely that ASX:ANZ will drop sharply in the coming period. It will probably target around the 27.25 low.Invalidation point: The end of Wave (3)-orange.Conclusion:Our analysis, forecast of contextual trends, and short-term outlook for ASX: ANZ GROUP HOLDINGS LIMITED – ANZ 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:
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