(XNJ): INDUSTRIALS SECTOR
(ASX): REH - REECE LIMITED || March 10, 2024
Master of Elliott Wave Analysis: Shane Hua (CEWA-M).
(Left chart): The broad context (1D chart) indicates that wave 2-red has bottomed out at a low of 17.10, followed by wave 3-red (not displayed on the chart) unfolding with waves ((i))-green to ((iv))-green having concluded. Now is the time for wave ((v))-green to continue unfolding to rise higher. There's another alternate wave count (ALT), where waves ((iii))-green and ((iv))-green are replaced by (i)-purple and (ii)-purple, but regardless, they both suggest that further price increases are necessary.
(Right chart): The short-term outlook (4H chart) describes recent price actions. From the low at 21.33, I've counted waves (i)-purple to (iii)-purple, and it seems like wave (iii) has peaked at 29.33, and wave (iv) is unfolding with three downward price swings labeled ABC-blue. The target for the decline is around 26.26. I don't think wave (iv) has concluded yet; I believe it may still be ongoing. It could potentially develop into a Triangle Pattern as it narrows over time, or it could continue to decline to a lower low towards the target at 26.26. Conversely, if price action rises strongly and swiftly above the high at 29.33, indicating that wave (iv) has ended earlier than expected, then it's time for wave (v) to begin rising higher.
(ASX): REH - REECE LIMITED || March 10, 2024
Master of Elliott Wave Analysis: Shane Hua (CEWA-M).
(Left chart): The broad context (1D chart) indicates that wave 2-red has bottomed out at a low of 17.10, followed by wave 3-red (not displayed on the chart) unfolding with waves ((i))-green to ((iv))-green having concluded. Now is the time for wave ((v))-green to continue unfolding to rise higher. There's another alternate wave count (ALT), where waves ((iii))-green and ((iv))-green are replaced by (i)-purple and (ii)-purple, but regardless, they both suggest that further price increases are necessary.
(Right chart): The short-term outlook (4H chart) describes recent price actions. From the low at 21.33, I've counted waves (i)-purple to (iii)-purple, and it seems like wave (iii) has peaked at 29.33, and wave (iv) is unfolding with three downward price swings labeled ABC-blue. The target for the decline is around 26.26. I don't think wave (iv) has concluded yet; I believe it may still be ongoing. It could potentially develop into a Triangle Pattern as it narrows over time, or it could continue to decline to a lower low towards the target at 26.26. Conversely, if price action rises strongly and swiftly above the high at 29.33, indicating that wave (iv) has ended earlier than expected, then it's time for wave (v) to begin rising higher.