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Highlights
Current Elliott Wave analysis indicates that LIGHT & WONDER INC. (ASX:LNW) is positioned within wave 2-grey, with expectations for a subsequent upward movement in wave 3-grey.
The one-day chart reveals an impulse structure, where wave 1-grey has concluded as a diagonal, suggesting potential for continued downward movement in wave 2-grey.
The four-hour chart illustrates the unfolding of wave ((c))-navy within wave 2-grey, indicating a possible further decline towards a specific low.
Description
The Elliott Wave analysis for LIGHT & WONDER INC. (ASX:LNW) provides a detailed assessment of current market conditions and future movements. The analysis indicates that the stock is currently within wave 2-grey of wave (3)-orange, suggesting that the price may continue to move lower before embarking on a significant upward trajectory.
On the one-day chart, classified under the major trend at the intermediate degree, the analysis identifies a motive structure characterized as an impulse. Wave 1-grey has recently concluded in the form of a diagonal, which is often followed by sharp movements and deeper corrections. The current position within wave 2-grey is indicative of potential further declines.
The analysis also highlights an invalidation point at 114.35, marking a critical threshold for this wave count. If the price crosses this point, it may necessitate a reassessment of the current wave structure.
The four-hour chart offers additional insights, categorizing the trend at the minor degree. Here, wave 2-grey is unfolding as a zigzag pattern, labeled as ((a))((b))((c))-navy. It appears that wave ((b))-navy has concluded at a recent high, and wave ((c))-navy is anticipated to continue moving lower, with a potential low around 124.51 serving as a point of interest.
The analysis concludes with a comprehensive overview of the current market trends, offering specific price points that function as validation or invalidation signals for the wave count. This approach enhances the reliability of the perspective presented, providing market participants with a structured framework for understanding the ongoing developments.
