NWS Elliott Wave technical forecast [Video]

tradeinzone Posted on 1 year ago 1 min read

NWS Elliott Wave technical analysis

Today’s Elliott Wave update focuses on theAustralian Stock Exchange (ASX), analyzingNEWS CORPORATION – NWS. Our current assessment shows thatASX:NWSis moving within acorrective wave, typically followed bymotive waves, which could create new upward opportunities. This report delves into that outlook.

Function:Major Trend (Primary Degree, Navy).
Mode:Motive.
Structure:Impulse.
Position:Wave (1) – Orange of Wave ((C)) – Navy.
Details:
A significant five-wave move appears completed near the high of56.62. A corrective wave structure is now forming, likely following anABCpattern (navy level), which suggests continued downward pressure. The projected decline could reach around41.175.
Invalidation point:49.840.
Function:Major Trend (Minute Degree, Navy).
Mode:Motive.
Structure:Impulse.
Position:Wave (1) – Orange of Wave ((C)) – Navy.
Details:
Since reaching the49.84low, wave ((C)) navy has been unfolding downward. It’s currently subdividing into wave (1) orange, which is nearing completion. A short-term rise in wave (2) orange is likely before further decline continues via wave (3) orange.
Invalidation point:49.84.

Conclusion:

Our analysis outlines both the trend direction and short-term outlook forNEWS CORPORATION – NWS, providing clear insight into how traders might position around current market behavior. Specific validation and invalidation levels help improve confidence in the wave count. With this structure, we aim to deliver an objective, professional view for market participants.

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