ASX: WOOLWORTHS GROUP LIMITED - WOW Elliott Wave Technical Analysis by TradingLounge

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This Elliott Wave analysis updates the Australian Stock Exchange (ASX) trends, focusing on WOOLWORTHS GROUP LIMITED - WOW (ASX:WOW). Current observations indicate that ASX:WOW is not showing significant upward movement and might experience a further push lower.

ASX: WOOLWORTHS GROUP LIMITED - WOW 1D Chart Analysis (Semilog Scale)

Key Highlights:

Function: Major trend (Primary degree, navy)

Mode: Motive

Structure: Impulse

Position: Wave (B)-orange of Wave ((Z))-navy

Analysis Details:
Wave II-grey has extended longer than anticipated, developing as a Triple Zigzag pattern. The target is near the low of 27.38, with expectations of further decline through wave (C)-orange. If the price climbs above 36.65, it would signal the completion of the correction wave and indicate a potential upward movement.

• Key Target: Low at 27.38
• Invalidation Point: 36.65

ASX: WOOLWORTHS GROUP LIMITED - WOW 4-Hour Chart Analysis

Key Highlights:

Function: Major trend (Primary degree, navy)

Mode: Motive

Structure: Impulse

Position: Wave (B)-orange of Wave ((Z))-navy

Analysis Details:
The chart suggests further downside potential with wave (C)-orange. The (A)-orange wave appears to have completed its five-wave formation within the ((Z))-navy wave. However, slight upward movement from wave (B)-orange might still occur before another downward five-wave pattern develops.

• Key Observation: Possible push lower with wave (C)-orange
• Invalidation Point: 36.65

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

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See Previous: ANZ GROUP HOLDINGS LIMITED - ANZ Elliott Wave Technical Analysis 

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Conclusion

This Elliott Wave analysis provides a detailed outlook for ASX: WOOLWORTHS GROUP LIMITED - WOW, including significant market insights and actionable price points. By pinpointing key levels such as 27.38 for targeting and 36.65 as the invalidation point, the analysis equips traders with reliable signals to confirm or challenge the wave count. The combination of contextual trends and technical wave patterns aims to present an objective and professional perspective on market movements.