BXB (Brambles Limited): March 9, 2024ASX: BXB (Brambles Limited) || March 9, 2024
Master of Elliott Wave Analysis: Shane Hua (CEWA-M)
Bottom line: BXB may continue to rise higher.
(Left chart): The context analysis provides a comprehensive view, indicating that wave ((ii))-green has concluded at the low of 12.70 and wave ((iii))-green has unfolded. Price action has risen higher, completing waves i, ii, iii, iv-blue, and it seems that wave v-blue is in the process of rising higher, targeting 16.27 (Wave 5 = 0.618 times the net move of wave 1 to wave 3) or reaching the upper boundary line in the Final Channel, while the price maintains above the low of 14.61, supporting this view.
(Right chart): The short-term outlook describes the most recent price actions. Since the target at 16.27 is still ahead, I still believe that wave v-blue will rise further, and it appears that wave (1)-green of v-blue is unfolding. Wave (1)-green may be nearing its peak, but it could still rise higher, as long as the price remains above the low of 15.31. A drop below this level indicates that wave (1)-green has indeed peaked, and wave (2)-green is unfolding before wave (3)-green returns and rises higher to achieve the target as analyzed.
