ASX: COMMONWEALTH BANK OF AUSTRALIA. – CBA Elliott Elliott Wave Technical Analysis TradingLoungeGreetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with COMMONWEALTH BANK OF AUSTRALIA. – CBA. We see CBA about to enter wave 5 to push higher, but it needs a little more time to complete wave 4.ASX: COMMONWEALTH BANK OF AUSTRALIA. – CBA 1D Chart (Semilog Scale) AnalysisFunction: Major trend (Minor degree, grey)Mode: MotiveStructure: ImpulsePosition: Wave 4-greyDetails: Wave 3-grey has ended as a five-wave, and wave 4-grey is unfolding to push lower. Its target could be around the 130.53 area. Then wave 5-grey could return to push higher. I will analyze in more detail on the 4H chart.Invalidation point: 121.54(Click on image to enlarge)ASX: COMMONWEALTH BANK OF AUSTRALIA. – CBA 4-Hour Chart AnalysisFunction: Major trend (Minute degree, navy)Mode: MotiveStructure: ImpulsePosition: Wave ((c))-navy of Wave 4-greyDetails: I see the detail of the 4-grey wave, it can push lower one more time. To reach its required target, so in the near term we will have a push up with wave ((b)) or maybe wave 5-grey, in general it will push up a little bit. And I will consider whether that push up is strong enough as wave 5-grey, or is it just wave ((b))-navy, to consider a lower leg after that.Invalidation point: 121.54(Click on image to enlarge)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.More By This Author:
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