ASX: Wesfarmers Limited Elliott Wave technical analysis
Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with WESFARMERS LIMITED – WES . We see ASX:WES possibly pushing higher with a ((iii))-navy wave.
ASX: WES one-day chart (semilog scale) analysis
Function: Major trend (Minute degree, navy).
Mode: Motive.
Structure: Impulse.
Position: Wave 5-grey of Wave (3)-orange.
Details: Wave 4-grey ended at the low of 66.27 and wave 5-grey is unfolding to push much higher, targeting around 77.17 – 80.00.
Invalidation point: 69.14.
ASX: WES four-hour chart analysis
Function: Major trend (Minute degree, navy).
Mode: Motive.
Structure: Impulse.
Position: Wave ((iii))-navy of Wave 5-grey.
Details: Since the low at 66.27 wave 5-grey is unfolding to push higher, itself subdividing into wave ((i)),((ii))-navy and they have ended, most likely since 69.14 wave ((iii))-navy is unfolding to push higher, towards the targets on the 1D chart, while price must remain above 69.14 to maintain this view.
Invalidation point: 69.14.
Conclusion
Our analysis, forecast of contextual trends, and short-term outlook for ASX: WESFARMERS LIMITED – WES 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.
Wesfarmers Limited Elliott Wave analysis and Elliott Wave forecast [Video]
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