ASX · Healthcare · Weekly analysis

IMEWave & cycle analysis

ImExHS Limited

Latest close AUD 0.30 Week ending 9 Oct 2026 History 276 weeks

Current reading

The wave count points to an advance

The selected pattern describes a move upward. Compare it with trend, momentum and the price levels below before drawing a conclusion.

75/100 Setup score 100/100 Data quality Watching Setup status

A setup score is a measure of fit, not a probability or price forecast.

How to use this report

Start with price. Read the selected pattern and the weekly closing levels beside the chart. “Confirm” means a move supports that interpretation; it does not guarantee a return.

Compare the evidence. A wave count can disagree with the trend, momentum or sector. The report points out those differences before looking at timing.

Check the limits. Timing windows are estimates, the last swing can move, and historical outcomes vary. Open the rules and data notes for more detail.

01 · Price & key levels

The pattern and the prices to watch

Selected wave countWave + Hurst trough confluence

Numbers 1 to 5 label the successive legs of the selected wave pattern. The last point can still move.

Other readingsThe other readings point the other way

5 of 7 available readings lean against the upward wave interpretation; 2 support it. The pattern and current market behaviour do not yet agree.

Main uncertaintyLow count stability

The leading count changed 5 times across the last 9 checks. Keep the alternative interpretations in view.

Weekly price and wave pattern

Move across the chart to inspect a week. Turn on explanations for a guide to the marked points.

Weekly close30-week trendFair ValueConfirmationCount failureSelected pattern

The shaded area marks the selected pattern. Filled dots mark confirmed turns; the outlined dot is still forming. Prices use completed weeks; changing the chart range does not recalculate the count.

Weekly chart values

Prices in AUD · the history displayed on the chart
Week ending	Close	30-week trend	Fair Value
2023-10-20	0.665	0.5967	1.02
2023-10-27	0.69	0.6007	1.01
2023-11-03	0.65	0.6032	1.00
2023-11-10	0.63	0.6045	0.9987
2023-11-17	0.635	0.6048	0.9932
2023-11-24	0.615	0.6027	0.9875
2023-12-01	0.66	0.6057	0.9808
2023-12-08	0.625	0.6082	0.9743
2023-12-15	0.635	0.611	0.9681
2023-12-22	0.61	0.6125	0.962
2023-12-29	0.67	0.6162	0.956
2024-01-05	0.64	0.6208	0.9488
2024-01-12	0.65	0.6225	0.9415
2024-01-19	0.64	0.624	0.9347
2024-01-26	0.63	0.625	0.9275
2024-02-02	0.66	0.627	0.919
2024-02-09	0.66	0.629	0.9086
2024-02-16	0.65	0.6307	0.8987
2024-02-23	0.65	0.6323	0.8902
2024-03-01	0.62	0.633	0.8814
2024-03-08	0.65	0.6347	0.8733
2024-03-15	0.555	0.6325	0.8627
2024-03-22	0.515	0.6295	0.8521
2024-03-29	0.58	0.6277	0.8417
2024-04-05	0.59	0.6258	0.8305
2024-04-12	0.555	0.6243	0.8196
2024-04-19	0.54	0.6223	0.808
2024-04-26	0.57	0.6213	0.799
2024-05-03	0.50	0.618	0.7894
2024-05-10	0.50	0.6147	0.7811
2024-05-17	0.48	0.6085	0.7733
2024-05-24	0.455	0.6007	0.7644
2024-05-31	0.48	0.595	0.756
2024-06-07	0.45	0.589	0.7475
2024-06-14	0.415	0.5817	0.7396
2024-06-21	0.41	0.5748	0.7317
2024-06-28	0.49	0.5692	0.7243
2024-07-05	0.49	0.5647	0.7159
2024-07-12	0.48	0.5595	0.708
2024-07-19	0.48	0.5552	0.7009
2024-07-26	0.435	0.5473	0.6942
2024-08-02	0.50	0.5427	0.6874
2024-08-09	0.48	0.537	0.6811
2024-08-16	0.48	0.5317	0.6754
2024-08-23	0.50	0.5273	0.6687
2024-08-30	0.50	0.522	0.6627
2024-09-06	0.47	0.5157	0.6565
2024-09-13	0.48	0.51	0.6503
2024-09-20	0.48	0.5043	0.6443
2024-09-27	0.48	0.4997	0.6386
2024-10-04	0.45	0.493	0.6326
2024-10-11	0.44	0.4892	0.627
2024-10-18	0.45	0.487	0.6216
2024-10-25	0.42	0.4817	0.6161
2024-11-01	0.45	0.477	0.6114
2024-11-08	0.42	0.4725	0.6066
2024-11-15	0.4175	0.4684	0.6025
2024-11-22	0.40	0.4628	0.5985
2024-11-29	0.32	0.4568	0.5932
2024-12-06	0.35	0.4518	0.5889
2024-12-13	0.3575	0.4477	0.5852
2024-12-20	0.365	0.4447	0.5814
2024-12-27	0.36	0.4407	0.5771
2025-01-03	0.375	0.4382	0.573
2025-01-10	0.365	0.4365	0.5689
2025-01-17	0.345	0.4343	0.5648
2025-01-24	0.35	0.4297	0.5609
2025-01-31	0.35	0.425	0.5564
2025-02-07	0.40	0.4223	0.5529
2025-02-14	0.40	0.4197	0.5494
2025-02-21	0.40	0.4185	0.5458
2025-02-28	0.40	0.4152	0.5425
2025-03-07	0.38	0.4118	0.5397
2025-03-14	0.34	0.4072	0.5367
2025-03-21	0.36	0.4025	0.534
2025-03-28	0.40	0.3992	0.5308
2025-04-04	0.395	0.3967	0.5278
2025-04-11	0.325	0.3915	0.5243
2025-04-18	0.36	0.3875	0.5213
2025-04-25	0.35	0.3832	0.5183
2025-05-02	0.335	0.3793	0.5152
2025-05-09	0.345	0.3762	0.5127
2025-05-16	0.345	0.3727	0.5104
2025-05-23	0.34	0.37	0.5082
2025-05-30	0.33	0.366	0.5061
2025-06-06	0.33	0.363	0.5043
2025-06-13	0.325	0.3599	0.5031
2025-06-20	0.31	0.3569	0.5022
2025-06-27	0.295	0.3561	0.5012
2025-07-04	0.295	0.3542	0.4993
2025-07-11	0.26	0.351	0.4968
2025-07-18	0.255	0.3473	0.4945
2025-07-25	0.255	0.3438	0.4922
2025-08-01	0.30	0.3413	0.4909
2025-08-08	0.26	0.3378	0.4888
2025-08-15	0.22	0.3337	0.4865
2025-08-22	0.24	0.33	0.4848
2025-08-29	0.22	0.3257	0.4829
2025-09-05	0.25	0.3207	0.4812
2025-09-12	0.2675	0.3162	0.4799
2025-09-19	0.265	0.3118	0.4785
2025-09-26	0.24	0.3064	0.477
2025-10-03	0.27	0.3028	0.4753
2025-10-10	0.25	0.2998	0.4736
2025-10-17	0.245	0.2959	0.4722
2025-10-24	0.23	0.2902	0.4706
2025-10-31	0.27	0.2861	0.4692
2025-11-07	0.27	0.2842	0.468
2025-11-14	0.27	0.2812	0.4667
2025-11-21	0.28	0.2789	0.4656
2025-11-28	0.30	0.2778	0.4645
2025-12-05	0.33	0.2772	0.4637
2025-12-12	0.355	0.2776	0.4631
2025-12-19	0.33	0.2772	0.4623
2025-12-26	0.37	0.2786	0.4617
2026-01-02	0.40	0.2809	0.461
2026-01-09	0.40	0.2834	0.4606
2026-01-16	0.40	0.2864	0.4603
2026-01-23	0.40	0.2899	0.46
2026-01-30	0.45	0.2951	0.4602
2026-02-06	0.45	0.3014	0.4604
2026-02-13	0.45	0.3079	0.4606
2026-02-20	0.405	0.3129	0.4605
2026-02-27	0.45	0.3179	0.4608
2026-03-06	0.40	0.3226	0.4606
2026-03-13	0.40	0.3286	0.46
2026-03-20	0.395	0.3338	0.4593
2026-03-27	0.405	0.3399	0.4583
2026-04-03	0.39	0.3446	0.4571
2026-04-10	0.40	0.349	0.4559
2026-04-17	0.385	0.353	0.4543
2026-04-24	0.385	0.3578	0.4525
2026-05-01	0.41	0.3625	0.4514
2026-05-08	0.40	0.3675	0.4505
2026-05-15	0.37	0.3717	0.4493
2026-05-22	0.36	0.376	0.448
2026-05-29	0.35	0.3787	0.4467
2026-06-05	0.35	0.3813	0.4457
2026-06-12	0.385	0.3852	0.4443
2026-06-19	0.35	0.3875	0.4427
2026-06-26	0.305	0.3877	0.4408
2026-07-03	0.345	0.3882	0.4392
2026-07-10	0.285	0.3858	0.4372
2026-07-17	0.31	0.3852	0.4353
2026-07-24	0.305	0.383	0.4334
2026-07-31	0.35	0.3813	0.4318
2026-08-07	0.32	0.3787	0.43
2026-08-14	0.31	0.3757	0.4281
2026-08-21	0.31	0.3727	0.4262
2026-08-28	0.35	0.3693	0.4243
2026-09-04	0.355	0.3662	0.4225
2026-09-11	0.325	0.362	0.4207
2026-09-18	0.28	0.3578	0.4187
2026-09-25	0.325	0.3537	0.4169
2026-10-02	0.325	0.3512	0.4151
2026-10-09	0.30	0.3478	0.4132

What to watch next

Weekly closing levels

Read these with the wave count, not as automatic trade instructions.

Supports the wave viewAbove AUD 0.325 8.3% from the latest close

A weekly close beyond this level would support the selected direction. Check the other readings too.

Changes the wave viewBelow AUD 0.28 -6.7% from the latest close

A weekly close beyond this level would break the current directional interpretation.

Earlier confirmed swing AUD 0.28

A separate, confirmed price reference for the wider structure. It is not the current count’s failure level.

Confirmed 2026-09-18

Check the wave count and alternatives ↓

4-week return -7.7%

13-week return 5.3%

26-week return -25.0%

52-week return 20.0%

From 52-week high -36.2%

26-week volatility 64.4%

Scenario playbook

What would strengthen—or change—the view?

Start with the price condition. Then check the supporting evidence and the alternative count.

Direction holds

Wait for price confirmation

Above AUD 0.325

The count needs a weekly close beyond this reference, with supporting price and cycle evidence.

No decision yet

Timing arrives; price does not turn

A projected window can pass without a reversal. Keep the count provisional if price has not confirmed; review the alternative count and the longer cycle.

Count fails

Know what changes the view

Below AUD 0.28

A weekly close beyond this boundary conflicts with the selected count. Review a fresh count instead of extending the old explanation.

Does the interpretation survive a different swing size?

2 of 2 available degrees share the leading direction. These are different views of the same price series.

Strategic · 24.0% reversalNo rule-valid countInsufficient rule-valid geometry

Primary · 15.1% reversalPossible Wave 2 trough

63/100 pattern fit · agrees with leading direction

Tactical · 10.6% reversalPossible Wave 2 trough

63/100 pattern fit · agrees with leading direction

02 · Wave count

How the wave count fits

The chart uses a 15.1% closing-price reversal threshold. Filled markers are confirmed pivots; the outlined final marker is still forming.

Scenario comparison

Compare the possible patterns

Possible Wave 2 troughPrimary swing size · Leading38%

A/B/C reset may be completingPrimary swing size25%

Possible Wave 2 troughTactical swing size38%

Weights compare the displayed patterns; they are not probabilities. The same pattern can appear at different swing sizes.

Leading wave count

Possible Wave 2 trough

38% evidence weight

The count below meets the required wave rules. The details show which swings and proportions support it. A valid pattern is still an interpretation of past price moves.

Confirm above 0.325 Fails below 0.28 Count stability Low · 20/100

Wave rules and proportions

PassWave 2 protects the Wave 1 originOrigin 0.28; Wave 2 0.30.

GuidelineWave 2 retracement is proportionateRetraced 56% of Wave 1.

Strategic degreeNo valid count

Strategic degree uses a 24.0% weekly closing-price reversal threshold.

Primary degreePossible Wave 2 trough

Primary degree uses a 15.1% weekly closing-price reversal threshold.

Tactical degreePossible Wave 2 trough

Tactical degree uses a 10.6% weekly closing-price reversal threshold.

Active swing -7.7%

2 weeks · Forming

Nearest confirmed support 0.28

Pivot from 2026-09-18

Nearest confirmed resistance 0.325

Pivot from 2026-09-25

30-week trend 0.3478

Price is -13.8% from trend

Fair Value reference 0.4132

Price is -27.4% from Fair Value

52-week range position 29%

0.23 low · 0.47 high

03 · Supporting evidence

Where the evidence agrees or disagrees

5 of 7 available readings lean against the upward wave interpretation; 2 support it. The pattern and current market behaviour do not yet agree.

71% directional agreement

The other readings point the other way. 2 readings support the selected direction; 5 lean against it.

Trend

Price remains below its 30-week trend.

13.8% below trend

Cycle pressure

The medium-term pressure curve is not rising.

Falling

Cycle alignment

Several cycle lengths are improving together.

Rising Stack

Relative strength

Underperforming its benchmark

-13.9

Market activity

Participation is weak

-31.7

Market dynamics

Price and volume behaviour is supportive

+0.1

30-week momentum

Medium-term momentum is negative

-25.0

Balance of readings Defensive

2 constructive, 5 weak and 0 neutral measures.

Agreement describes direction among the readings. It does not necessarily support the selected wave count.

Market activity

Whether participation is supporting the move.

Participation is weak. This challenges the upward wave view.

Relative strength

Performance against the market benchmark.

Underperforming its benchmark. This challenges the upward wave view.

30-week momentum

The pace of the medium-term price move.

Medium-term momentum is negative. This challenges the upward wave view.

Market dynamics

A separate scale prevents this lower-range measure being hidden by relative strength.

Price and volume behaviour is supportive. This supports the upward wave view.

04 · Cycle timing

What cycle timing adds

Cycle estimates help describe timing. They do not set a date for the next price turn.

Possible turning intervals

The timing map.

Estimated from 9 Oct 2026. Bands show model uncertainty, not confidence intervals or guaranteed turning dates.

Trough window Crest window

Now+102 weeks

10w bandEstimated 8w · Troughing

19/100Repeat fit · 34.5 cycles of history

Trough: 30 Oct–27 Nov 2026 (+3–7w)Crest: 13 Nov–11 Dec 2026 (+5–9w)

20w bandEstimated 15w · Troughing

No measurable positive repeat

0/100Repeat fit · 18.4 cycles of history

40w bandEstimated 30w · Troughing

No measurable positive repeat

0/100Repeat fit · 9.2 cycles of history

80w bandEstimated 100w · Falling

5/100Repeat fit · 2.8 cycles of history

Trough: 14 May–21 Jan 2028 (+31–67w)Crest: 14 Jan–22 Sep 2028 (+66–102w)

The best nearby repeat is selected from the same sample being described. Its fit is not an out-of-sample forecast score. When fewer than two estimated cycles are available the recent weekly history has gaps, or no positive repeat is measured, timing windows are withheld.

Cycle pressure is falling. A recovery in price needs support from the other readings.

Cycle repeat scores range from 0 to 19/100. Low scores mean the past rhythm is irregular, so the projected weeks deserve less weight.

Pressure phaseFalling

Current medium-term pressure direction

Cycle agreementRising Stack

75/100 rising alignment · 25/100 falling alignment

Estimated next low49 weeks

Timing estimate, not a dated forecast

Estimated next high84 weeks

Timing estimate, not a dated forecast

Cycle pressure

Above zero is positive pressure; direction matters more than the absolute number.

Shorter and longer cycles

The thick line is the blended reading; thinner lines show 20, 40 and 80-week components.

An observed cycle is the repeat found in past prices. The repeat score describes how clearly it appears. FLD is a shifted price reference used to check a turn. Low timing scores can coexist with a positive price-cross check.

Typical / observed cycle10w / 8w

Current phaseTroughing

Repeat score19/100

Price-cross check (FLD)Crossed Down

Since last trough3w

Possible next low3–7w

Typical / observed cycle20w / 15w

Current phaseTroughing

Repeat score0/100

Price-cross check (FLD)Crossed Down

Since last trough3w

Possible next low-

Typical / observed cycle40w / 30w

Current phaseTroughing

Repeat score0/100

Price-cross check (FLD)Crossed Down

Since last trough11w

Possible next low-

Typical / observed cycle80w / 100w

Current phaseFalling

Repeat score5/100

Price-cross check (FLD)Crossed Up

Since last trough51w

Possible next low31–67w

05 · Risk

Risk behind the price move

Wave structure is easier to judge when drawdown, volatility and participation are visible beside it.

Risk in context

How much room price has to move

Price is 83.4% below the highest weekly close in the stored history. It is 36.2% below the 52-week high. The two figures use different reference points.

Largest contributors to the risk score

Cycle rollover
Medium-term cycle pressure is falling.
Count instability
The primary interpretation has low recent stability.
Multi-cycle risk
Hurst risk alignment is 25/100.

Downside risk check

Contained

23/100

Wave maturity0/25

Trend extension0/20

Range position0/15

Cycle rollover11/15

Multi-cycle risk4/15

Count instability8/10

Event proximity0/10

This score combines the risk checks shown here. A higher score means more warning signs, not a measured probability of a fall.

52-week low0.23

52-week high0.47

Annualised volatility64.4%

Based on the latest 26 weekly returns

Average weekly range5.5%

Average high-to-low range over 13 weeks

Current drawdown-83.4%

From the highest close in the stored record

Latest volume289%

Of its trailing 20-week average

Drawdown history

Distance below the highest prior weekly close.

Realised volatility

Annualised variability of the latest 26 weekly returns.

Relative volume

Weekly volume as a percentage of its 20-week average.

06 · Market context

Sector trends and upcoming events

Compare the pattern with other stocks in the sector, then check whether an event could change the price picture.

Sector breadth

Upward wave counts are not a majority among the analysed peers. That alone does not establish a downward sector trend.

30% constructive

7 of 23 analysed peers have a leading upward wave pattern.

22% have improving cycles Breadth shows whether peers share the structure. Cohort outcomes use non-overlapping, point-in-time trend and momentum states from the same sector and report benchmark excess return when matching benchmark bars exist; they are context, not a backtest of the Elliott count.

Earnings and options

Event information is limited

No additional warning is recorded. Missing event data does not rule out a surprise.

These are the latest stored event readings. Missing earnings or options data does not mean that event risk is absent.

Peer-state horizon	Non-overlapping samples	Positive	Median	Median excess vs ^AXJO	Middle 80% of returns
4 weeks	179	50%	0.0%	-0.4%	-14.1% to 20.5%
13 weeks	106	54%	2.6%	0.2%	-24.1% to 46.4%
26 weeks	80	53%	4.9%	0.6%	-31.8% to 53.2%

07 · History

What happened after similar readings

After similar readings, the middle 4-week return was -2.9% across 105 completed outcomes. The range below shows how far individual outcomes differed. Overlapping weeks are not independent tests of this wave count.

106 similar weekly states

Typical return after a match

Median outcome after each matching historical week.

-2.9%

13w

-5.7%

26w

-2.9%

Horizon	Matches	Positive	Median	Range
4 weeks	105	32%	-2.9%	-28.9% to 39.0%
13 weeks	97	35%	-5.7%	-36.2% to 73.9%
26 weeks	96	49%	-2.9%	-45.0% to 104.6%

Overlapping historical matches are descriptive context, not independent observations or a forecast.

Data quality, rules and limitations

Evidence quality100/100

This measures usable history, indicator coverage and confirmed swing points. It does not measure the chance of the scenario succeeding.

Weekly history: 100/100
Indicator coverage: 100/100
Confirmed structure: 100/100

Elliott impulse rules ↗ · Hurst price confirmation ↗

Model ewc-2.2.0 · as of 2026-10-09 · the last swing is provisional; adaptive thresholds and cycle periods can revise earlier labels between reports.

How the count is built

Rules and data notes

Swing points use weekly closes and a 15.1% adaptive reversal threshold.
The final swing is provisional until the reversal threshold is met.
Candidate counts must pass the Wave 2 origin, Wave 3 progression/length and Wave 4 overlap rules when those waves are present.
Fibonacci proportions and alternation rank valid candidates but never rescue a hard-rule failure.
Primary and alternate evidence weights compare admissible counts; they are not probabilities.
These close-based impulse and A/B/C candidates do not exhaustively classify diagonals, triangles or complex corrections. Counts and historical cycle curves can be revised when adaptive thresholds or estimated periods change.
Nominal Hurst periods adapt to observed weekly rhythm. Future windows include measured timing uncertainty and require FLD or price confirmation.

Audit trail

Recent swing points

Dates and prices for the recent swings. The final point can still move. This is the current reconstruction; it is not a saved history of earlier published labels.

Date	Status	Type	Price	Move	Duration
2024-08-30	Confirmed	High	0.50	22.0%	10 weeks
2024-11-29	Confirmed	Low	0.32	-36.0%	13 weeks
2025-03-28	Confirmed	High	0.40	25.0%	17 weeks
2025-07-25	Confirmed	Low	0.255	-36.3%	17 weeks
2025-08-01	Confirmed	High	0.30	17.6%	1 weeks
2025-08-29	Confirmed	Low	0.22	-26.7%	4 weeks
2026-02-27	Confirmed	High	0.45	104.5%	26 weeks
2026-07-10	Confirmed	Low	0.285	-36.7%	19 weeks
2026-09-04	Confirmed	High	0.355	24.6%	8 weeks
2026-09-18	Confirmed	Low	0.28	-21.1%	2 weeks
2026-09-25	Confirmed	High	0.325	16.1%	1 weeks
2026-10-09	Forming	Low	0.30	-7.7%	2 weeks

Follow the evidence

Test the view in related research.

Compare the same market from another angle. Shared price inputs can agree without providing independent confirmation.

IMEWave & cycle analysis

The wave count points to an advance

The pattern and the prices to watch

Weekly price and wave pattern

What would strengthen—or change—the view?

Wait for price confirmation

Timing arrives; price does not turn

Know what changes the view

Does the interpretation survive a different swing size?

How the wave count fits

Compare the possible patterns

Possible Wave 2 trough

Where the evidence agrees or disagrees

Market activity

Relative strength

30-week momentum

Market dynamics

What cycle timing adds

The timing map.

Cycle pressure

Shorter and longer cycles

Risk behind the price move

How much room price has to move

Largest contributors to the risk score

Contained

Drawdown history

Realised volatility

Relative volume

Sector trends and upcoming events

30% constructive

Event information is limited

What happened after similar readings

Typical return after a match

Rules and data notes

Recent swing points

Test the view in related research.

Chart guide

Send a message

Evidence context

The pattern and the prices to watch

Weekly price and wave pattern

What would strengthen—or change—the view?

Wait for price confirmation

Timing arrives; price does not turn

Know what changes the view

Does the interpretation survive a different swing size?

How the wave count fits

Compare the possible patterns

Possible Wave 2 trough

Where the evidence agrees or disagrees

Market activity

Relative strength

30-week momentum

Market dynamics

What cycle timing adds

The timing map.

Cycle pressure

Shorter and longer cycles

Risk behind the price move

How much room price has to move

Largest contributors to the risk score

Contained

Drawdown history

Realised volatility

Relative volume

Sector trends and upcoming events

30% constructive

Event information is limited

What happened after similar readings

Typical return after a match

Rules and data notes

Recent swing points

Test the view in related research.

Stage Analysis ↗

Trend Persistence ↗

Directional State ↗

Momentum Intelligence ↗

Similar Charts ↗

RMI Reversal Map ↗