WDS: WOODSIDE ENERGY GROUP || March 5, 2024
Master of Elliott Wave Analysis: Shane Hua (CEWA-M)
(Left chart) Looking at the big context, we can see that the main trend is bearish, with many new lows recorded. Currently, my wave count indicates that we've experienced wave 1 and wave 3 (highlighted in green) has declined. Following that, wave 4 started to rally slightly higher and peaked at 33.08. However, since reaching that high, we've reverted back to the major trend. In other words, the bearish market is likely to continue declining, as long as the price remains below the 33.08 high.
(Right chart) Now, shifting our focus to the shorter-term perspective using the 4-hour chart, we observe that recent price movements are still influenced by the bearish market. It appears that wave i (blue) may have reached its low point, followed by wave ii (blue) which concluded at 31.01. As a result, we're back in wave iii (blue), and it seems probable that the bearish market will persist, provided that the high of 31.01 remains intact. The upward movement indicates that wave ii is indeed ongoing.
Master of Elliott Wave Analysis: Shane Hua (CEWA-M)
(Left chart) Looking at the big context, we can see that the main trend is bearish, with many new lows recorded. Currently, my wave count indicates that we've experienced wave 1 and wave 3 (highlighted in green) has declined. Following that, wave 4 started to rally slightly higher and peaked at 33.08. However, since reaching that high, we've reverted back to the major trend. In other words, the bearish market is likely to continue declining, as long as the price remains below the 33.08 high.
(Right chart) Now, shifting our focus to the shorter-term perspective using the 4-hour chart, we observe that recent price movements are still influenced by the bearish market. It appears that wave i (blue) may have reached its low point, followed by wave ii (blue) which concluded at 31.01. As a result, we're back in wave iii (blue), and it seems probable that the bearish market will persist, provided that the high of 31.01 remains intact. The upward movement indicates that wave ii is indeed ongoing.
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