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ASX: INSURANCE AUSTRALIA GROUP LIMITED – IAG Elliott Wave Technical Analysis – TradingLounge.
Today’s Elliott Wave update focuses on the Australian Stock Exchange (ASX), featuring INSURANCE AUSTRALIA GROUP LIMITED – IAG.
We currently observe that ASX:IAG remains within a corrective wave structure, with expectations of a further minor decline before a possible upward reversal.
IAG Elliott Wave technical analysis
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Function: Major trend (Primary degree, navy).
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Mode: Motive.
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Structure: Impulse.
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Position: Wave B – grey of Wave (4) – orange.
Details:
Wave (4) – orange is unfolding downward after the conclusion of wave (3) – orange. The downward movement is expected to continue, potentially targeting the 38.2% Fibonacci retracement level. Currently, wave A – grey appears completed, and wave B – grey is experiencing a minor upward move.
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Invalidation point: 7.40.
IAG Elliott Wave technical analysis
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Function: Major trend (Intermediate degree, orange)
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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:
On the shorter 4-hour time frame, wave B – grey is unfolding as a Flat correction, identified as ((a))((b))((c)) – navy. Recently, wave ((B)) – navy completed, and wave ((c)) – navy is now pushing higher, likely targeting between 8,063 and 8,271.
Should the price drop below 7.400, it would signal that wave C – grey is underway, indicating a bearish turn.
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Invalidation point: 7.400
Conclusion:
This analysis provides insights into ASX: INSURANCE AUSTRALIA GROUP LIMITED – IAG, highlighting short-term trends and strategic entry points. Our Elliott Wave framework identifies critical price zones that validate or invalidate the current wave count. This approach supports a more confident and structured trading strategy.
Technical analyst: Hua (Shane) Cuong, CEWA-M.
IAG Elliott Wave technical analysis [Video]
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