Elliott Wave technical analysis –(daily chart)
Today’s Elliott Wave update focuses onCAR GROUP LIMITED (ASX: CAR). Our current outlook indicates that the stock might have completed awave (4) – orangecorrective Zigzag, potentially paving the way for a bullish scenario. Below, we outline the future direction and critical invalidation points.
One-day chart – Technical overview (semilog scale)
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Trend type:Intermediate (Orange Degree).
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Wave mode:Motive.
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Structure type:Impulse.
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Current position:Wave ii)) navy of Wave (5) orange.
Details:
Wave (4) – orange seems to have concluded from the top near42.71to the bottom at28.40, unfolding in anA-B-C Zigzag(grey). TheC wavedisplays five clear sub-waves, signaling its likely completion. This implies thatwave (5) – orangeis now progressing. The initial segmenti)) – navyis complete, and currently,wave ii)) – navyis in progress and expected to drop slightly more beforewave iii)) – navypushes higher.
Elliott Wave technical analysis – TradingLounge (four-hour chart)
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Trend type:Minor (Grey Degree).
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Wave mode:Motive.
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Structure type:Impulse.
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Current position:Wave ((ii)) navy of Wave (5) orange.
Details:
Since touching a low at28.40, the market initiatedwave i)) – navy, which has ended. Now,wave ii)) – navyappears to be retracing lower and is yet to conclude. After completion, we anticipatewave iii)) – navyto rise again, possibly approaching the previous high near41.30.
Conclusion
Our Elliott Wave review forCAR GROUP LIMITED (ASX: CAR)offers insights into trend direction, structural completion, and actionable invalidation levels. By using objective price reference points, this analysis aims to support well-informed trading decisions.
Car Group Limited – CAR Elliott Wave technical analysis [Video]
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