CAR GROUP LIMITED – CAR Asx Stock TradingLounge (1D Chart)

Greetings, today's Elliott Wave analysis provides an updated view of the Australian Stock Exchange (ASX) CAR GROUP LIMITED – CAR. Our analysis suggests CAR.ASX is positioned to push higher, though it will require additional price action to fully confirm the wave count and reach its highest probability.

ASX: CAR GROUP LIMITED – CAR 1D Chart (Semilog Scale) Analysis

CAR Elliott Wave Technical Analysis

Function: Major trend (Minor degree, gray)

Mode: Motive

Structure: Impulse

Position: Wave (iii)-orange of Wave ((v))-navy

Details: Wave (iii)-orange is progressing higher, targeting the 40.00 - 41.00 range. Early indications suggest that an alternative wave count scenario (ALT), which proposes a more extended wave (ii)-orange, is gaining credibility. This scenario could delay the upward movement we anticipate.

Invalidation Point: 36.16

ASX: CAR GROUP LIMITED – CAR 4-Hour Chart Analysis

ASX: CAR GROUP LIMITED - CAR Elliott Wave Analysis

Function: Major trend (Minute degree, navy)

Mode: Motive

Structure: Impulse

Position: Wave (iii)-orange of Wave ((v))-navy

Details: On a closer look, wave (i)-orange has completed, and wave (ii)-orange seems to be wrapping up. Wave (iii)-orange might soon unfold to move higher. However, some weakness in this wave count and the uncertain structure suggest wave (ii)-orange could extend longer than initially projected. It would be wise to wait for further clarification before taking action in this trend.

Invalidation Point: 36.16

Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

See Previous: Computershare Limited Elliott Wave Technical Analysis

VALUE Offer - Buy 1 Month & Get 3 Months!Click here

Access 7 Analysts Over 200 Markets Covered. Chat Room With Support

Conclusion:

Our Elliott Wave analysis on ASX: CAR GROUP LIMITED – CAR offers a comprehensive view of the current trends and potential price movements. We provide specific price levels as validation or invalidation points, enhancing the accuracy of our wave count. This helps traders confidently align with market movements. Our objective is to provide a clear and professional insight into the market's probable future direction.