ASX: MERIDIAN ENERGY LIMITED – MEZ Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)
Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) MERIDIAN ENERGY LIMITED – MEZ. We see MEZ.ASX continuing to push lower, and eventually as wave (2)-orange ends, we can return to wave (3)-orange.
ASX: Meridian Energy Limited – MEZ 1D chart (semilog scale) analysis
Function: Major trend (Intermediate degree, orange).
Mode: Motive.
Structure: Impulse.
Position: Wave (2)-orange.
Details: Wave (1)-orange appears to have completed as a Diagonal, and wave (2)-orange is unfolding to push lower, targeting around 5.22. Usually, following a Diagonal, the second wave usually retraces deeply, so I don’t think wave (2)-orange is complete.
Invalidation point: 4.38.
ASX: Meridian Energy Limited – MEZ four-hour chart analysis
Function: Major trend (Intermediate degree, orange).
Mode: Motive.
Structure: Impulse.
Position: Wave ((c))-navy of Wave C-grey of Wave (2)-orange.
Details: Taking a closer look at the development of wave (2)-orange, it is developing as a Zigzag labeled A,B,C-grey. Wave C-grey is continuing to push lower and developing as a Diagonal. Its wave ((v))-navy will push lower still.
Invalidation point: 6.18.
Conclusion
Our analysis, forecast of contextual trends, and short-term outlook for ASX: MERIDIAN ENERGY LIMITED – MEZ 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).
ASX: Meridian Energy Limited – MEZ four-hour chart analysis [Video]
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