ASX: Reece Limited – REH Elliott Elliott Wave Technical Analysis\u00a0TradingLounge (1D Chart)<\/p>\n
Greetings, Our Elliott Wave analysis today updates the Australian Stock\u00a0Exchange\u00a0(ASX) with REECE LIMITED – REH. We have determined that wave (iv)-purple seems\u00a0to have ended, and wave (v)-purple is being unfolded to push higher, towards the\u00a0immediate target at\u00a0around 30.00 – 31.10.<\/p>\n
ASX: REH Elliott Wave technical analysis \u00a0<\/h2>\n
Function:<\/strong>\u00a0Major trend (Minor degree, red).<\/p>\n Mode<\/strong>:\u00a0Motive.<\/p>\n Structure:<\/strong>\u00a0Impulse.<\/p>\n Position:<\/strong>\u00a0Wave (v)-purple of Wave ((v))-green of Wave 3-red.<\/p>\n Details:<\/strong>\u00a0The short-term outlook indicates that Wave (iv)-purple has ended as\u00a0expected, and wave (v)-purple is being opened to push higher. It is targeting a goal of\u00a031.10, while price sustaining above the 27.05 support level is a significant advantage\u00a0for this outlook.<\/p>\n Invalidation point:<\/strong>\u00a025.87.<\/p>\n <\/a><\/p>\n Function:<\/strong>\u00a0Major trend (Subminuette degree, blue).<\/p>\n Mode:<\/strong>\u00a0Motive.<\/p>\n Structure:<\/strong>\u00a0Impulse.<\/p>\n Position:<\/strong>\u00a0Wave iii-blue.<\/p>\n Details:\u00a0<\/strong>The shorter-term outlook indicates that wave (iv) has concluded, and waves i\u00a0and ii-blue have unfolded, and they also appear to have ended. Now is the time for\u00a0wave iii-blue to unfold and push higher, aiming for an immediate target around 30.00.\u00a0Maintaining a price above the support level at 27.05 is a significant advantage for this\u00a0perspective. A decrease below that level indicates that wave ii-blue may extend longer\u00a0than expected, and thereafter, wave iii-blue will also return to push higher.<\/p>\n Invalidation point:<\/strong>\u00a027.05<\/p>\nREH four-hour chart<\/a> analysis<\/h2>\n
![\"REECE\"](\"https:\/\/editorial.fxstreet.com\/miscelaneous\/reece-638507414586552748.png\")
<\/a><\/p>\n