CAR Elliott Wave technical analysis
Today’s Elliott Wave update on the Australian Stock Exchange (ASX) focuses on CAR GROUP LIMITED – CAR.
Our current analysis suggests that ASX:CAR may have recently completed a corrective phase, specifically wave (4) – orange, in a Zigzag form. This scenario increases the likelihood of a bullish continuation. This brief update highlights the potential upcoming trend and critical invalidation level that supports this outlook.
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Function: Major trend (Intermediate degree, orange).
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Mode: Motive.
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Structure: Impulse.
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Position: Wave (5) – orange.
Details:
Wave (4) – orange appears to have developed following the peak near 42.71 and may have completed at the low of 28.40 as a Zigzag labeled A, B, C – grey. The C – grey leg contains a completed five-wave sequence, which supports the idea that wave (5) – orange has begun. The first subwave, i)) – navy, seems nearly complete, indicating a likely upward move via the next wave, i)) – navy.
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Function: Major trend (Minor degree, grey).
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Mode: Motive.
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Structure: Impulse.
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Position: Wave ((ii)) – navy of Wave (5) – orange.
Details:
From the low at 28.40, wave i)) – navy has completed. Now, wave ii)) – navy is developing and pulling back slightly. This correction may not yet be finished. If so, wave iii)) – navy could follow, with a potential target near the previous high of 41.30.
Conclusion:
This analysis and forecast aim to guide traders by highlighting current market dynamics and identifying key trend signals for ASX: CAR GROUP LIMITED – CAR. Our outlined price levels act as validation or invalidation zones, helping improve the reliability of the wave count and supporting more confident trading decisions. Through this approach, we provide a precise and professional insight into market behavior.
Technical analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
CAR Elliott Wave technical analysis [Video]
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