Car Group Limited – CAR Elliott Wave technical analysis [Video]

ASX: Car Group Limited – CAR Elliott Wave technical analysis

Today’s Elliott Wave update focuses on the Australian Stock Exchange (ASX) listing: CAR GROUP LIMITED – CAR.
Our analysis suggests that ASX:CAR may have just finished a corrective wave, labeled as (4) – orange Zigzag, signaling bullish potential worth monitoring.
This brief analysis will highlight a potential new trend and key invalidation levels crucial for this outlook.

ASX: Car Group Limited – CAR one-day chart (semilog scale) analysis

• Function: Major trend (Intermediate degree, orange).

• Mode: Motive.

• Structure: Impulse.

• Position: Wave ii)) – navy, Wave (5) – orange.

Details:

Wave (4) – orange started forming after the peak near 42.71 and likely concluded at the low of 28.40, as a Zigzag marked A-B-C – grey.
The C – grey wave structure consists of five waves, indicating its completion.
Now, wave (5) – orange is likely in progress, having finished wave i)) – navy.
Currently, wave ii)) – navy is extending lower but is expected to complete soon, leading to a bullish move with wave iii)) – navy.

ASX: Car Group Limited – CAR four-hour chart analysis

• Function: Major trend (Minor degree, grey).

• Mode: Motive.

• Structure: Impulse.

• Position: Wave ((ii)) – navy of Wave (5) – orange.

Details:

From the low at 28.40, wave i)) – navy unfolded and completed.
Wave ii)) – navy is currently developing and pushing slightly lower.
Once it completes, wave iii)) – navy is expected to push higher, possibly aiming near the previous high around 41.30.

Conclusion

Our analysis for ASX: CAR GROUP LIMITED – CAR offers a structured view of current market conditions and future trends.
We highlight key levels that validate or invalidate our wave structure to strengthen confidence in the analysis.
By providing detailed insights and a professional perspective, we aim to assist readers in trading effectively and objectively.

Car Group Limited – CAR Elliott Wave technical analysis [Video]