(XDJ): CONSUMER DISCRETIONARY
(ASX): WES - WESFARMERS LIMITED || March 12, 2024
Master of Elliott Wave Analysis: Shane Hua (CEWA-M).
(Left chart): The broader context (1D chart) reveals that a previous wave 2-red has concluded, touching a low at 46.64, initiating wave 3-red to propel WES further upward. Upon closer examination of wave 3, I've counted waves ((i)) and ((ii))-green to have ended, with the low at 49.57 marking wave ((iii))-green of wave 3-red, indicating the onset of the third wave of the third wave. Now, wave (i) and wave (ii)-purple have ended, and wave (iii)-purple is currently unfolding.
(Right chart): The short-term outlook (4H chart) describes clear and detailed subdivisions. It appears that wave iv-blue has completed at the low of 64.59, and wave v-blue is now unfolding. This outlook will be maintained as long as the price remains above the low at 64.59. If this forecast is accurate, I would anticipate seeing wave v continue to rise higher towards the immediate target at 68.99, possibly even further, such as at 71.75 as the next price target.
(Alternative wave count for short-term outlook): Indicates that wave iv-blue has not yet concluded, having only completed waves ((a))-red and ((b))-red at a smaller degree. In this scenario, wave ((c))-red will continue to decline slightly before wave v-blue resumes its expected upward movement.
(ASX): WES - WESFARMERS LIMITED || March 12, 2024
Master of Elliott Wave Analysis: Shane Hua (CEWA-M).
(Left chart): The broader context (1D chart) reveals that a previous wave 2-red has concluded, touching a low at 46.64, initiating wave 3-red to propel WES further upward. Upon closer examination of wave 3, I've counted waves ((i)) and ((ii))-green to have ended, with the low at 49.57 marking wave ((iii))-green of wave 3-red, indicating the onset of the third wave of the third wave. Now, wave (i) and wave (ii)-purple have ended, and wave (iii)-purple is currently unfolding.
(Right chart): The short-term outlook (4H chart) describes clear and detailed subdivisions. It appears that wave iv-blue has completed at the low of 64.59, and wave v-blue is now unfolding. This outlook will be maintained as long as the price remains above the low at 64.59. If this forecast is accurate, I would anticipate seeing wave v continue to rise higher towards the immediate target at 68.99, possibly even further, such as at 71.75 as the next price target.
(Alternative wave count for short-term outlook): Indicates that wave iv-blue has not yet concluded, having only completed waves ((a))-red and ((b))-red at a smaller degree. In this scenario, wave ((c))-red will continue to decline slightly before wave v-blue resumes its expected upward movement.
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