ASX: COCHLEAR LIMITED - COH Elliott Wave Technical Analysis TradingLounge (1D Chart)

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with COCHLEAR LIMITED - COH. Continuing on last week's forecast made with COH, that forecast is now accurate. We identify in the short term that COH could decline lower to complete a Zigzag Correction with wave (4)-blue, followed by a potential resurgence of wave (5)-blue to push higher. 

ASX: COCHLEAR LIMITED - COH Elliott Wave Technical Analysis  

ASX: COCHLEAR LIMITED - COH 1D Chart (Semilog Scale) Analysis

Function: Major trend (Intermediate degree, blue)

Mode: Motive

Structure: Impulse

Position: Wave (4)-blue

Details: The short-term outlook indicates that the (4)-blue wave is currently unfolding to push lower, targeting the immediate range of 293.87 - 278.31. After the completion of the (4)-blue wave, the (5)-blue wave may resume to push higher. Additionally, the support target is very close to the Major Level at 300.

Invalidation point: 253.36

ASX: COCHLEAR LIMITED - COH Elliott Wave Technical Analysis TradingLounge (4-Hour Chart)

ASX: COCHLEAR LIMITED - COH Elliott Wave Technical Analysis

ASX: COCHLEAR LIMITED - COH 4-Hour Chart Analysis

Function: Major trend (Minor degree, red)

Mode: Motive

Structure: Impulse

Position: Wave ((iii))-green of Wave C-red

Details: The short-term outlook suggests that the (c)-purple wave continues to push lower, possibly targeting around the Major Level 300. Maintaining below the level of 323.84 serves as both resistance and an advantage for this bearish view. After this corrective ABC-red wave concludes, it also indicates that the (4)-blue wave has ended, paving the way for a potential upward movement with the (5)-blue wave.

Invalidation point: 342.40

Conclusion:  

Our analysis, forecast of contextual trends, and short-term outlook for ASX: COCHLEAR LIMITED - COH 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.

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

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

Previous: ASX: RIO TINTO LIMITED – RIO

TradingLounge Once Off SPECIAL DEAL: Here > 1 month Get 3 months.

TradingLounge's Free Week Extravaganza!

April 14 – 21: Unlock the Doors to Trading Excellence — Absolutely FREE