Greetings, Our Elliott Wave<\/a> analysis today updates the Australian Stock Exchange\u00a0(ASX) with REA GROUP LTD \u2013 REA. We identified that wave 2-red may have just\u00a0ended, and wave 3-red could push much higher.<\/p>\n Function:<\/strong>\u00a0Major trend (Minor degree, red).<\/p>\n Mode:<\/strong>\u00a0Motive.<\/p>\n Structure:<\/strong>\u00a0Impulse.<\/p>\n Position:\u00a0<\/strong>Wave (iii)-purple of Wave 3-red.<\/p>\n Details:<\/strong>\u00a0The outlook suggests that wave 2-red has recently concluded, and wave 3-red\u00a0is now unfolding to push higher. It is subdividing into waves (i) and (ii)-purple, which\u00a0have ended, and wave (iii)-purple is opening up to push higher. Maintaining a price\u00a0above 172.49 would be a significant advantage for this outlook.<\/p>\n Invalidation point:<\/strong>\u00a0140.50.<\/p>\n <\/a><\/p>\n Function:<\/strong>\u00a0Major trend (Minuette degree, purple).<\/p>\n Mode:<\/strong>\u00a0Motive.<\/p>\n Structure:<\/strong>\u00a0Impulse.<\/p>\n Position:<\/strong>\u00a0Wave (iii)-purple.<\/p>\n Details:<\/strong>\u00a0The shorter-term outlook suggests that wave (ii)-purple has just ended, and\u00a0wave (iii)-purple may be unfolding to push higher. However, there’s some uncertainty\u00a0regarding whether wave (ii) has truly concluded. Therefore, it would be preferable to\u00a0see the price continue to push slightly higher to clarify this perspective. Following\u00a0that, I would need to observe an ABC correction to prepare for finding a trade setup\u00a0with better entry and stop levels than the current ones.<\/p>\n Invalidation point:\u00a0<\/strong>172.49.<\/p>\nREA Elliott Wave technical analysis \u00a0<\/h2>\n
ASX: REA four-hour chart analysis<\/h2>\n
![\"Chart\"](\"https:\/\/editorial.fxstreet.com\/miscelaneous\/rea1-638506544622417285.png\")
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