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IAG Elliott Wave technical analysis
Today’s Elliott Wave update covers the Australian Stock Exchange (ASX) and INSURANCE AUSTRALIA GROUP LIMITED – IAG.
Our analysis indicates that ASX:IAG is finalizing a B-grey wave and is setting up for another decline. At this stage, there are no clear signs of a bullish trend developing, making it risky to consider a long setup.
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Function: Major Trend (Minor Degree, Grey).
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Mode: Motive.
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Structure: Impulse.
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Position: Wave c)) – navy of Wave B – grey.
Photo: AI25.Studio Studio / Pexels
Details:
Wave 3) – orange has completed a full five-wave structure. Currently, wave 4) – orange is developing lower as a Zigzag pattern, labeled A, B, C – grey.
Wave A – grey has completed, and wave B – grey is advancing higher as an Expanded Flat pattern. The c)) – navy of wave B – grey is anticipated to reach around 8.25–8.46 levels.
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Invalidation point: End of Wave b)) – navy.
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Function: Major Trend (Minor Degree, Grey).
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Mode: Motive.
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Structure: Impulse.
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Position: Wave c)) – navy of Wave B – grey.
Details:
Zooming in, from the 7.420 level, wave B – grey is developing as an Expanded Flat, indicating a sideways movement with low momentum.
Wave b)) – navy appears more complex than wave a)) – navy, and wave c)) – navy is stronger than both previous subwaves, a typical feature of a Flat pattern.
Prices are likely to rise towards 8.25–8.46 levels before the end of wave B – grey and the start of a wave C – grey decline.
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Invalidation Point: 7.100.
Conclusion
Our analysis offers insights into ASX: INSURANCE AUSTRALIA GROUP LIMITED – IAG’s current trends, equipping readers with key price levels to validate or invalidate the wave count. This structured approach strengthens the confidence in our market outlook.
Our goal is to deliver a professional and objective market view.
Technical analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
IAG Elliott Wave technical analysis [Video]
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