Unibail-Rodamco-Westfield analysis and Elliott Wave forecast [Video]

ASX: URW Elliott Wave technical analysis

Today’s Elliott Wave analysis presents an updated outlook on the Australian Stock Exchange (ASX) for UNIBAIL-RODAMCO-WESTFIELD (URW).

We anticipate upside potential for ASX: URW in the near term. The short-term outlook focuses on awaiting a pullback with the second wave, which will provide an opportunity to identify high-quality long trade setups. This analysis outlines when to stay on the sidelines and when to enter positions in a structured and intuitive manner.

Analysis

Function: Major trend (Minor degree, grey).
Mode: Motive.
Structure: Impulse.
Position: Wave ((iii)) – navy of Wave 3 – grey.
Details:
- Wave ((iii)) – navy is trending higher. A pullback around 6.50 with a corrective wave may create a potential long trade setup.
- On a smaller scale, wave (i) – orange is nearing completion. The expected decline in wave (ii) – orange will present a good buying opportunity for long trade setups.
Invalidation point: 5.89.

Elliott Wave Technical Analysis – One-day chart

ASX: URW four-hour chart analysis

Function: Major trend (Minute degree, navy).
Mode: Motive.
Structure: Impulse.
Position: Wave (i) – orange of Wave ((iii)) – navy.
Details:
- A closer look at the 4H chart suggests that wave (i) – orange is nearing completion.
- Since this wave has already extended significantly, a stop-loss level around 5.89 is required for long trades, but it may not be optimal.
- Instead, waiting for a pullback to enter a long position will allow for a tighter and more efficient stop level.
Invalidation point: 5.89.
Key point: Wave b of Wave (ii) – orange.

Chart

Conclusion

Our Elliott Wave analysis and forecast provide insights into the market trends and strategies to capitalize on them effectively. By defining specific price levels as validation or invalidation signals, we aim to enhance confidence in our wave count projections.

Combining these factors allows us to offer an objective and professional market perspective, helping traders make informed decisions.