Upon conducting Elliott Wave analysis on the Australian Stock Exchange (ASX) with REA Group LTD, it appears that wave 2-red may have recently concluded, signaling the potential for wave 3-red to soar even higher. This major trend in the minor degree, red, shows a Mode of Motive and Position of Wave 3-red.
The current short-term outlook suggests that the 2-red wave has completed as a Double Zigzag correction, paving the way for the 3-red wave to ascend further. Confirmation of this outlook would come with further upward movement, establishing a bullish trend. An important invalidation point to monitor is at 140.50.
Looking at the major trend in the Minuette degree, purple, we see a similar pattern emerge. The 2-red wave has potentially wrapped up in the form of a Double Zigzag at a low of 172.49. This sets the stage for the 3-red wave to continue its ascent, currently unfolding as the (i) and (ii)-purple waves. With the (ii)-purple wave potentially ending, the (iii)-purple wave could be gearing up for a push higher. An important invalidation point to keep an eye on is at 172.49.
The analysis and forecast provided here aim to equip readers with a deeper understanding of the current market trends surrounding ASX: REA Group LTD. By offering specific price points for validation or invalidation signals in our wave count, we strive to enhance confidence in our perspective. This approach allows for a more objective and professional viewpoint on market trends, empowering readers to make informed decisions for effective capitalization.
The potential upside for ASX: REA Group LTD according to Elliott Wave Technical Analysis appears promising with wave 3-red on the horizon. By carefully monitoring key levels and staying informed on market trends, traders and investors can position themselves strategically to maximize opportunities for growth and success.