Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with COLES GROUP LIMITED. – COL. We see ASX:COL as possibly moving higher in the (5)-orange wave. And this deeper analysis will provide key Key Point levels to help readers identify important turning points, such as when this uptrend will expire.
COL (one-day chart) Elliott Wave technical analysis
Function: Major trend (Minor degree, grey).
Mode: Motive.
Structure: Impulse.
Position: Wave (5)-orange.
Details: Wave (4)-orange may have ended at the low of 17.29 and wave (5)-orange is starting to move higher, specifically it is probably an Extension, and it is subdividing into wave 1,2-grey, and perhaps wave 3-grey is ready to move higher, targeting the nearest high at 20.00.
Invalidation point: 18.35.
COL four-hour chart analysis
Function: Major trend (Minor degree, grey).
Mode: Motive.
Structure: Impulse.
Position: Wave 3-grey of Wave (5)-orange.
Details: No change, wave (5)-orange is an Extended Wave and moving higher. While price must remain above 18.35 to maintain this view, breaking through that low would trigger the ALT alternative scenario, which suggests that wave 2-grey is longer than expected and needs a little more time to complete, but the end result would be an advance with wave 3-grey.
Invalidation point: 18.35.
Conclusion
Our analysis, forecast of contextual trends, and short-term outlook for COLES GROUP LIMITED. – COL 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.
Coles Group Limited Elliott Wave technical forecast [Video]
Read the full article here
