Elliott Wave Technical Analysis – TradingLounge.
Today’s Elliott Wave analysis covers the ASX-listedINSURANCE AUSTRALIA GROUP LIMITED – IAG.
Current movements suggest that ASX:IAG is concluding aB-grey waveand preparing for another downward leg. No bullish trend is currently visible, indicating that initiating a Long position could be high-risk.
IAGElliott Wave technical analysis
Analysis details:
Wave 3-orange concluded with a five-wave sequence. Wave 4-orange appears to be forming a downward Zigzag (A, B, C-grey). Wave A-grey has finalized. Wave B-grey likely completed as an Expanded Flat. Wave C-grey now seems to be progressing lower, targeting a minimum of7.79.
Analysis details:
Zooming in, both A-grey and B-grey waves have ended. Since peaking at9.03, the C-grey wave is expected to move downward. The first price target is7.79, with extended targets between7.42 and 7.10. To uphold this outlook, price must stay below9.03.
Conclusion:
This analysis aims to deliver a concise technical perspective on ASX:IAG. It identifies key price levels as confirmation or invalidation signals. These insights, when integrated with sound trading principles, can guide better decision-making.
Technical analyst:Hua (Shane) Cuong, CEWA-M.
IAGElliott Wave technical analysis [Video]
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