Current read
The closing-price swing map is classified as possible wave 4 still forming. Price is 3.2% below its 30-week trend. 3 of 7 available confirmation measures are constructive.
3 constructive · 0 neutral · 4 weak
ASX · Market · Weekly research
HGEN Elliott Wave report
Global X Hydrogen ETF
Current structure
Possible Wave 4 still forming
35/100 setup score
99/100 data quality
The setup score is a rules-based composite, not a probability or price forecast.
Investment view
Based on weekly closing prices
What the current structure is saying
Evidence to look for next
- A weekly close through 12.74, the nearest confirmed swing high.
- Cycle pressure and the 20/40-week rhythms continuing to rise together.
- Relative strength and market activity remaining above neutral.
Nearest confirmed structure level
AUD 6.96Confirmed on 2025-12-19. Treat this as a structure reference, not an automatic trading level.
4-week return
-13.6%
13-week return
-11.3%
26-week return
7.7%
52-week return
78.5%
From 52-week high
-26.8%
26-week volatility
42.0%
Wave structure
Price, trend and the active swing
The chart uses a 9.6% closing-price reversal threshold. Filled markers are confirmed pivots; the outlined final marker is still forming.
Closing-price swing map
Weekly close against the 30-week trend and long-term Fair Value reference.
Close
30-week trend
Fair Value
8 weeks · Forming
Pivot from 2025-12-19
Pivot from 2026-05-29
Price is -3.2% from trend
Price is 55.3% from Fair Value
5.16 low · 13.25 high
Cycle timing
Are the main rhythms moving together?
Cycle readings describe timing pressure. They do not set a price target or guarantee the next turning point.
Current medium-term pressure direction
0/100 constructive · 100/100 risk
Timing estimate, not a dated forecast
Timing estimate, not a dated forecast
Cycle pressure
Above zero is positive pressure; direction matters more than the absolute number.
Multi-cycle rhythm
The thick line is the blended reading; thinner lines show 20, 40 and 80-week components.
Nominal cycle10w
Current phaseFalling
Reading-1.70
Recent amplitude8.84
Since last trough16w
Next trough window4w
Nominal cycle20w
Current phaseFalling
Reading-0.42
Recent amplitude15.30
Since last trough16w
Next trough window4w
Nominal cycle40w
Current phaseCresting
Reading1.70
Recent amplitude32.11
Since last trough15w
Next trough window15w
Nominal cycle80w
Current phaseCresting
Reading2.87
Recent amplitude50.61
Since last trough15w
Next trough window15w
Confirmation
57% confirmation alignment
Does price behaviour support the wave count?
Each measure answers a different question. Agreement across several measures is more useful than one strong reading in isolation.
Trend
3.2% below trend
Price remains below its 30-week trend.
Cycle pressure
Falling
The medium-term pressure curve is not rising.
Cycle alignment
Falling Stack
Several cycle lengths are weakening together.
Relative strength
+10.6
Outperforming its benchmark
Market activity
+4.5
Participation is supportive
Market dynamics
-0.8
Price and volume behaviour is weak
30-week momentum
+35.3
Medium-term momentum is positive
3 constructive, 4 weak and 0 neutral measures.
This is a count of rules-based evidence, not a recommendation.Market activity
Whether participation is supporting the move.
Relative strength
Performance against the market benchmark.
30-week momentum
The pace of the medium-term price move.
Market dynamics
A separate scale prevents this lower-range measure being hidden by relative strength.
Risk and participation
How much movement sits behind the pattern?
Wave structure is easier to judge when drawdown, volatility and participation are visible beside it.
52-week low5.16
52-week high13.25
Based on the latest 26 weekly returns
Average high-to-low range over 13 weeks
From the highest close in the stored record
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.
Historical context
9 similar weekly states
What followed similar readings in this security?
Matches compare trend, cycle direction, momentum, relative strength and market dynamics using only information available at each historical week.
Median forward return
Median outcome after each matching historical week.
| Horizon | Matches | Positive | Median | Range |
|---|---|---|---|---|
| 4 weeks | 9 | 67% | 5.4% | -15.7% to 26.4% |
| 13 weeks | 9 | 89% | 16.7% | -9.9% to 42.5% |
| 26 weeks | 8 | 88% | 46.1% | -6.9% to 74.6% |
Overlapping historical matches are descriptive context, not independent observations or a forecast.
Evidence quality99/100
This measures usable history, indicator coverage and confirmed swing points. It does not measure the chance of the scenario succeeding.
- Weekly history
- 96/100
- Indicator coverage
- 100/100
- Confirmed structure
- 100/100
Rules, references and limitations
- Swing points use weekly closes and a 9.6% adaptive reversal threshold.
- The final swing is provisional until the reversal threshold is met.
- Elliott labels describe one rules-based interpretation; other valid counts may exist.
- Cycle windows are estimates derived from observed rhythms, not scheduled turning dates.
Audit trail
Recent swing points
The exact points used to construct the visible wave map.
| Date | Status | Type | Price | Move | Duration |
|---|---|---|---|---|---|
| 2023-07-21 | Confirmed | High | 7.21 | 12.8% | 10 weeks |
| 2024-04-26 | Confirmed | Low | 4.53 | -37.2% | 40 weeks |
| 2024-05-31 | Confirmed | High | 5.67 | 25.1% | 5 weeks |
| 2024-11-01 | Confirmed | Low | 4.14 | -27.0% | 22 weeks |
| 2025-01-10 | Confirmed | High | 5.17 | 25.0% | 10 weeks |
| 2025-04-18 | Confirmed | Low | 3.86 | -25.4% | 14 weeks |
| 2025-10-31 | Confirmed | High | 8.88 | 130.0% | 27 weeks |
| 2025-11-21 | Confirmed | Low | 7.19 | -19.0% | 3 weeks |
| 2025-12-05 | Confirmed | High | 7.95 | 10.6% | 2 weeks |
| 2025-12-19 | Confirmed | Low | 6.96 | -12.5% | 2 weeks |
| 2026-05-29 | Confirmed | High | 12.74 | 83.0% | 23 weeks |
| 2026-07-24 | Forming | Low | 9.69 | -23.9% | 8 weeks |