Technical analysis of the IAG Elliott wave
Today's Elliott Wave update covers the Australian Stock Exchange (ASX) and Australian insurance Limited – IAG.
Our analysis indicates that ASX: IAG is finalizing a B-Gris wave and is preparing for another drop. At this stage, there is no clear sign of an upward trend that develops, which makes it risky to consider a long configuration.
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Function: Major trend (minor degree, gray).
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Fashion: Pattern.
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Structure: Pulse.
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Position: Wave c)) – Navy of wave B – Gray.
Details:
Wave 3) – Orange finished a complete structure of five waves. Currently, wave 4) – Orange develops lower as a zigzag pattern, labeled A, B, C – Gray.
Wave A – The gray ended and the B – Gray wave progresses higher as a expanded flat pattern. C)) – Gray wavest navy should reach around 8.25 at 8.46 levels.
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Invalidation point: End of wave b)) – Marine.
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Function: Major trend (minor degree, gray).
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Fashion: Pattern.
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Structure: Pulse.
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Position: Wave c)) – Navy of wave B – Gray.
Details:
Zooming in, from the level of 7.420, the B – Gray wave is developing as a wider dish, indicating a lateral movement with a low impulse.
Wave b)) – The navy appears more complex than the wave a)) – navy and the wave c)) – the navy is stronger than the two previous submarines, a characteristic typical of a flat pattern.
Prices should increase around 8.25 to 8.46 levels before the end of wave B – gray and the start of a Gray Gray Save.
Conclusion
Our analysis offers ASX information: Insurance Australia Group Limited – Current IAG trends, equipping keyword readers to validate or invalidate the number of waves. This structured approach strengthens confidence in our market perspectives.
Our goal is to provide a professional and objective view.
Technical analyst: Hua (Shane) Cuong, Cewa-M (Designation of Master).
Technical analysis of the IAG Elliott wave [Video]
