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ASX: INSURANCE AUSTRALIA GROUP LIMITED – IAG
Elliott Wave Technical Analysis | TradingLounge (1D Chart)
Hello,
Today's Elliott Wave analysis focuses on the Australian Stock Exchange (ASX), specifically INSURANCE AUSTRALIA GROUP LIMITED – IAG.
Our current outlook identifies ASX:IAG as still being in a corrective wave structure, with expectations for a slight move lower, potentially setting the stage for a rebound.
ASX: INSURANCE AUSTRALIA GROUP LIMITED – IAG
Elliott Wave Technical Analysis
1D Chart (Semilog Scale) Breakdown
Trend Function: Major trend (Primary degree, navy)
Mode: Motive
Wave Structure: Impulse
Current Position: Wave B-grey of Wave (4)-orange
Details:
Wave (4)-orange continues its downward progression following the end of Wave (3)-orange. The decline may persist toward the 38.2% Fibonacci retracement level. Wave A-grey has already completed, and Wave B-grey is advancing slightly higher.
Invalidation Point: 7.40
ASX: INSURANCE AUSTRALIA GROUP LIMITED – IAG
Elliott Wave Technical Analysis | TradingLounge
4-Hour Chart Breakdown
Trend Function: Major trend (Intermediate degree, orange)
Mode: Motive
Wave Structure: Impulse
Current Position: Wave ((c))-navy of Wave B-grey
Details:
Focusing on Wave B-grey, this wave appears to be forming a Flat, labeled ((a))((b))((c))-navy. The ((B))-navy wave has ended, and ((c))-navy is moving upward, potentially targeting the range of 8,063 to 8,271. However, a move below the 7.400 mark would indicate the start of Wave C-grey, suggesting a downward move.
Invalidation Point: 7.40
Conclusion:
This analysis of ASX: INSURANCE AUSTRALIA GROUP LIMITED – IAG offers a contextual overview of the current market structure, combined with a near-term forecast. Specific price levels serve as confirmation or invalidation points for the wave count, improving the reliability of the analysis. Our goal is to deliver a clear, objective, and professional insight into market direction.
Technical Analyst : Hua (Shane) Cuong, CEWA-M (Master’s Designation)
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