(ASX): ALL - ARISTOCRAT LEISURE LIMITED || March 12, 2024
(XDJ): CONSUMER DISCRETIONARY
(ASX): ALL - ARISTOCRAT LEISURE LIMITED || March 12, 2024
Master of Elliott Wave Analysis: Shane Hua (CEWA-M).
(Left chart): The broader context (2D chart) reveals that wave (2)-blue has bottomed out at 30.36, and wave (3)-blue is unfolding. I can count waves ((i))-green through wave ((iv))-green, which have concluded, and wave ((v))-green is now unfolding to prepare to complete a five-waves pattern at a higher degree labeled as wave 1-red. Upon closer observation, I note that wave ((iv)) ended in the form of a Triangle Pattern, followed by wave ((v)). This outlook will be maintained as long as the price remains above the low at 39.39.
(Alternative wave count): Indicates that wave ((v))-green peaked at 47.02, thereby completing the entire Five-waves pattern at a higher degree. And get ready for a bigger drop.
(Right chart): The short-term outlook shows that from the low at 39.39, wave (i)-purple and wave (ii)-purple have concluded. Following this, it seems that wave (iii)-purple is now unfolding. Returning to the current price action, wave i-blue of (iii)-purple has peaked, and wave ii-blue appears to continue declining lower, seeking support around 0.5 - 0.618. The bullish outlook remains intact, as long as the price remains above 42.75, with a dip below calling for a reassessment of the situation.
(ASX): ALL - ARISTOCRAT LEISURE LIMITED || March 12, 2024
Master of Elliott Wave Analysis: Shane Hua (CEWA-M).
(Left chart): The broader context (2D chart) reveals that wave (2)-blue has bottomed out at 30.36, and wave (3)-blue is unfolding. I can count waves ((i))-green through wave ((iv))-green, which have concluded, and wave ((v))-green is now unfolding to prepare to complete a five-waves pattern at a higher degree labeled as wave 1-red. Upon closer observation, I note that wave ((iv)) ended in the form of a Triangle Pattern, followed by wave ((v)). This outlook will be maintained as long as the price remains above the low at 39.39.
(Alternative wave count): Indicates that wave ((v))-green peaked at 47.02, thereby completing the entire Five-waves pattern at a higher degree. And get ready for a bigger drop.
(Right chart): The short-term outlook shows that from the low at 39.39, wave (i)-purple and wave (ii)-purple have concluded. Following this, it seems that wave (iii)-purple is now unfolding. Returning to the current price action, wave i-blue of (iii)-purple has peaked, and wave ii-blue appears to continue declining lower, seeking support around 0.5 - 0.618. The bullish outlook remains intact, as long as the price remains above 42.75, with a dip below calling for a reassessment of the situation.