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Reece Limited

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(ASX) REH - REECE LIMITED || March 10, 2024(XNJ): INDUSTRIALS SECTOR (ASX): REH - REECE LIMITED || March 10, 2024 Master of Elliott Wave Analysis: Shane Hua (CEWA-M). (Left chart): The broad context (1D chart) indicates that wave 2-red has bottomed out at a low of 17.10, followed by wave 3-red (not displayed on the chart) unfolding with waves ((i))-green to ((iv))-green having concluded. Now is the time for wave ((v))-green to continue unfolding to rise higher. There's another alternate wave count (ALT), where waves ((iii))-green and ((iv))-green are replaced by (i)-purple and (ii)-purple, but regardless, they both suggest that further price increases are necessary. (Right chart): The short-term outlook (4H chart) describes recent price actions. From the low at 21.33, I've counted waves (i)-purple to (iii)-purple, and it seems like wave (iii) has peaked at 29.33, and wave (iv) is unfolding with three downward price swings labeled ABC-blue. The target for the decline is around 26.26. I don't think wave (iv) has concluded yet; I believe it may still be ongoing. It could potentially develop into a Triangle Pattern as it narrows over time, or it could continue to decline to a lower low towards the target at 26.26. Conversely, if price action rises strongly and swiftly above the high at 29.33, indicating that wave (iv) has ended earlier than expected, then it's time for wave (v) to begin rising higher.
ASX:REH
by ShaneHua
REECE LIMITED - Time for a big dump? After A Nice year long bull run for REECE LIMITED, The bulls look to be taking profits and REECE LIMITED Looks to be running out of steam... A 12 Month Cycle with 170% Gains the weekly RSI In heavily overbought territory. I Feel we will start to see the the remarkable gains since the Covid Lows diminish not just on this stock but over the market in general. A lot of top heavy stocks in my opinion that are in need of a good correction. I'm expecting some quick and sharp declines in the coming weeks Especially due to new Covid outbreaks across Australia. My Position is Short here with a Long term outlook - My targets are set! However I closely monitor trades and use tight stops so this can change very quickly as we all know, given the past week in the Crypto Space. What are your thought's and targets? Opinions and advice welcome :) ALWAYS USE STOPS Trade safe & Happy trading :) I AM NOT A FINANCIAL ADVISOR, THESE ARE MY OPINIONS AND IDEAS AND ARE NOT TO BE DEEMED AS FINANCIAL ADVICE DO YOUR OWN RESEARCH - USE STOP LOSSES AND NEVER BET MORE THEN YOU CAN AFFORD. 100% OF MY TRADES ARE LOSERS IF I'M NOT PAYING ATTENTION -
ASX:REHShort
by TMR-Trading
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