ALD (Ampol Limited) || March 5, 2024
Master of Elliott Wave Analysis: Shane Hua (CEWA-M)
(Left chart) In the broader context, we observe that the major trend is bullish, despite the current price increase appearing somewhat lacking in strength and sharpness. Nevertheless, this is generally acceptable. Wave iii (circled, green) seems to have concluded at the high of 39.76. There's a possibility that wave iv (circled, green) will soon turn bearish towards the 0.382 to 0.5 target, which are common retracement levels for the fourth wave. Following the completion of the 4th wave, we can anticipate Ampol Limited moving higher in the 5th wave.
(Right chart) As for the short-term outlook (4-hour chart), it provides a more detailed depiction of the situation. It seems that wave (a) of wave 4 (circled, green) may have reached its conclusion. Therefore, I expect wave (b) to push prices higher towards the target of 0.382 to 0.5, followed by wave (c) returning lower to complete the entire correction wave 4 (circled, green).
In summary, I'm open to the possibility of a slight dip in the fourth wave before the bullish momentum of the fifth wave resumes.ư
Master of Elliott Wave Analysis: Shane Hua (CEWA-M)
(Left chart) In the broader context, we observe that the major trend is bullish, despite the current price increase appearing somewhat lacking in strength and sharpness. Nevertheless, this is generally acceptable. Wave iii (circled, green) seems to have concluded at the high of 39.76. There's a possibility that wave iv (circled, green) will soon turn bearish towards the 0.382 to 0.5 target, which are common retracement levels for the fourth wave. Following the completion of the 4th wave, we can anticipate Ampol Limited moving higher in the 5th wave.
(Right chart) As for the short-term outlook (4-hour chart), it provides a more detailed depiction of the situation. It seems that wave (a) of wave 4 (circled, green) may have reached its conclusion. Therefore, I expect wave (b) to push prices higher towards the target of 0.382 to 0.5, followed by wave (c) returning lower to complete the entire correction wave 4 (circled, green).
In summary, I'm open to the possibility of a slight dip in the fourth wave before the bullish momentum of the fifth wave resumes.ư
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