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AMCOR PLC – AMC Elliott Wave Technical Analysis TradingLounge
Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with AMCOR PLC – AMC. We see ASX:AMC possibly pushing a little lower in the short term, then possibly starting to push higher with a 3-grey wave.
AMCOR PLC – AMC 1D Chart (Semilog Scale) Analysis
Function: Major trend (Intermediate degree)
Mode: Motive
Structure: Impulse
Position: Wave 2-grey of Wave (3)-orange
Details: Wave 1-grey has ended, and wave 2-grey is pushing a little lower. Then wave 3-grey can come back to push higher. We can also place a pending buy position at the top of wave 1-grey.
Invalidation point: 15.20
AMCOR PLC – AMC 4-Hour Chart Analysis
Function: Major trend (Minor degree, grey)
Mode: Motive
Structure: Impulse
Position: Wave 2-grey
Details: Looking closer since the low at 15.20 wave 1-grey has just completed recently, and wave 2-grey is pushing a little lower, as long as it does not push lower than 15.20 then the view that wave 3-grey will return later is still valid. We can also place a waiting position to buy above the top of wave 1-grey.
Invalidation point: 15.20
Conclusion:
Our analysis, forecast of contextual trends, and short-term outlook for AMCOR PLC – AMC aim to provide readers with insights into the current market trends and how to capitalize on them effectively. We offer specific price points that act as validation or invalidation signals for our wave count, enhancing the confidence in our perspective. By combining these factors, we strive to offer readers the most objective and professional perspective on market trends.
Technical Analyst: Hua (Shane) Cuong, CEWA-M
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