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Our Elliott Wave analysis today focuses on the Australian Stock Exchange (ASX) and the stock INSURANCE AUSTRALIA GROUP LIMITED (IAG).
Currently, ASX:IAG shares remain in a corrective wave and may push lower before showing a potential upward move.
ASX: Insurance Australia Group Limited (IAG) Elliott Wave technical analysis
One-day chart (semilog scale) analysis
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Function: Major trend (Primary degree, navy).
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Mode: Motive.
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Structure: Impulse.
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Position: Wave (4) – orange.
Details:
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Wave (3) – orange recently concluded as a five-wave sequence labeled 1-grey to 5-grey.
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Currently, Wave (4) – orange is likely pushing lower, targeting 6.982 as the next key level.
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A long-term bullish wave (5) – orange scenario is unlikely. Instead, we may have completed just the first phase of an ABC Zigzag within Wave (4) – orange.
Invalidation point: 9.210
ASX: Insurance Australia Group Limited (IAG) Elliott Wave technical analysis
Four-hour chart analysis
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Function: Major trend (Intermediate degree, orange).
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Mode: Motive.
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Structure: Impulse.
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Position: Wave A – grey of Wave (4) – orange.
Details:
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Looking closely at Wave (4) – orange, it continues unfolding lower.
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The structure appears to be an A-B-C correction (grey).
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Wave A – grey is nearly complete, setting up for further downside movement with Wave C – grey.
Invalidation point: 9.210.
Conclusion
Our Elliott Wave analysis and forecast for ASX: INSURANCE AUSTRALIA GROUP LIMITED (IAG) aim to provide valuable insights into market trends and potential opportunities.
We identify specific price validation and invalidation levels to improve confidence in the wave count, helping traders make informed decisions. By incorporating these elements, we strive to present an objective and professional market perspective.