ASX: MACQUARIE GROUP LIMITED – MQG Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart).
Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with MACQUARIE GROUP LIMITED – MQG. We see MQG.ASX still having a push lower, and preparing for a future 5-grey wave rally.
ASX: Macquarie Group Limited – MQG 1D chart (Semilog scale) analysis
Function: Major trend (Minor degree, grey).
Mode: Motive.
Structure: Impulse.
Position: Wave 4-grey.
Details: Wave 3-grey has ended and wave 4-grey is unfolding to push lower, targeting around 208.55, after which wave 5-grey could return to push higher.
Invalidation point: 200.00.
ASX: Macquarie Group Limited – MQG four-hour chart analysis
Function: Major trend (Minor degree, grey).
Mode: Motive.
Structure: Impulse.
Position: Wave ((a))-navy of Wave 4-grey.
Details: Wave 4-grey is unfolding to push lower, and it is probably developing as a Zigzag, labeled ((a))((b))((c))-navy. Its retracement target will probably continue to push lower for one more time. And after wave 4-grey is complete, wave 5-grey could return to push higher.
Invalidation point: 200.00.
Conclusion
Our analysis, forecast of contextual trends, and short-term outlook for ASX: MACQUARIE GROUP LIMITED – MQG aim to provide readers with insights into the current market trends and how to capitalize on them effectively. We offer specific price points that act as validation or invalidation signals for our wave count, enhancing the confidence in our perspective. By combining these factors, we strive to offer readers the most objective and professional perspective on market trends.
Technical analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
ASX: Macquarie Group Limited – MQG four-hour chart analysis [Video]
As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.
Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.
