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 ASX:CBA preparing to move up with a ((v))-navy wave.ASX: COMMONWEALTH BANK OF AUSTRALIA. – CBA 1D Chart (Semilog Scale) AnalysisFunction: Major trend (Minor degree, grey)Mode: MotiveStructure: ImpulsePosition: Wave ((iv))-navy of Wave 5-greyDetails: Wave ((iv))-navy is developing as a Triangle about to complete, after which wave ((v))-navy will move higher, aiming at the target at the high of 165.00. Invalidation point: 154.10ASX: COMMONWEALTH BANK OF AUSTRALIA. – CBA 4-Hour Chart AnalysisFunction: Major Trend (Minute degree, navy)Mode: MotiveStructure: ImpulsePosition: Wave ((iv))-navyDetails: Wave ((iii))-navy has finished, and wave ((iv))-navy is unfolding and developing as a Triangle, as it is showing signs of lengthening and narrowing horizontally. So it may take a little more time to complete, but after that, wave ((v))-navy can unfold to push higher. While price must remain above 154.10 to maintain this view. Invalidation point: 154.10Conclusion: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.Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).More By This Author:
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