IAG stock analysis and Elliott Wave technical forecast [Video]
IAG Elliott Wave technical analysis
Today’s Elliott Wave update focuses on Insurance Australia Group Limited (ASX: IAG). Based on the current wave structure, the stock is navigating through a corrective phase and is expected to decline slightly further before initiating a potential upward movement.
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Trend level: Primary (Navy).
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Wave type: Motive.
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Wave structure: Impulse.
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Current position: Wave C (grey) of Wave (4) (orange).
Technical insights:
Wave (4) in orange is continuing its downward correction, following the completion of wave (3) in orange. The market appears to be aligning with the 38.2% Fibonacci retracement target zone. The B wave (grey) has finalized, and Wave C (grey) is…
