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CAR Elliott Wave technical analysis
Today’s Elliott Wave analysis updates the outlook for CAR GROUP LIMITED – CAR, listed on the Australian Stock Exchange (ASX). We anticipate upward movement in CAR shares, with the current correction (Wave 4) nearly complete, setting the stage for a potential advance through Wave 5.
ASX: CAR GROUP LIMITED – CAR 1D chart (Semilog scale) technical overview
Details:
Wave (3) (Orange) concluded near $42.71. The market is now correcting through Wave (4) (Orange), forming an A-B-C Zigzag (Grey). This wave is nearing completion and a move higher via Wave (5) (Orange) is expected.
ASX: CAR GROUP LIMITED – CAR
Details:
Following the $41.30 high, the C wave (Grey) is unfolding downward in a five-wave structure. The final leg, Wave ((v)) (Navy), appears close to completion. A move above $34.05 would be an early signal that Wave (5) (Orange) is beginning.
Conclusion
This Elliott Wave analysis outlines both medium and short-term scenarios for CAR GROUP LIMITED – CAR. Specific price points like $41.30 and $34.05 serve as key validation or invalidation levels, improving the accuracy of our forecast. Our goal is to provide professional insights that help traders understand and navigate current market conditions effectively.
Technical analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).