MIN analysis and Elliott Wave analysis [Video]

ASX: MINERAL RESOURCES LIMITED (MIN) Elliott Wave Technical Analysis – TradingLounge.

Greetings,

Today’s Elliott Wave analysis offers an updated perspective on MINERAL RESOURCES LIMITED (MIN) listed on the Australian Stock Exchange (ASX).

We observe significant upside potential in ASX:MIN, and this analysis provides valuable insights, including optimal entry points, bullish trend confirmations, and key price levels. These details help traders track the trend effectively following this forecast.

MIN one day chart (semilog scale) analysis

• Function: Major trend (Minuette degree, navy).

• Mode: Motive.

• Structure: Impulse.

• Position: Wave ((iii)) – navy.

Details:

Wave ((ii)) – navy has completed a strong and sharp correction with a deep retracement, forming a Double Zigzag pattern. Now, wave ((iii)) – navy is expected to advance significantly higher. Upon the completion of wave (i),(ii) – orange, especially when wave (ii) concludes and moves higher again, it presents an excellent long opportunity at the critical 40.00 level.

MIN four-hour chart analysis

• Function: Major trend (Minuette degree, navy).

• Mode: Motive.

• Structure: Impulse.

• Position: Wave ((iii)) – navy.

Details:

The 4-hour chart analysis remains consistent with the 1D chart outlook. It indicates that wave (i) – orange of wave ((iii)) – navy is still unfolding. Traders should only enter the trade once wave (ii) – orange has appeared, completed, and moved higher.

Conclusion:

Our analysis and forecast provide insights into the current market trends of ASX: MINERAL RESOURCES LIMITED (MIN) to help traders make informed decisions. Specific price points serve as validation and invalidation signals for our wave count, enhancing confidence in the analysis. By integrating these insights, we aim to deliver an objective and professional outlook on market trends.

Technical analyst:

Hua (Shane) Cuong, CEWA-M (Master’s Designation).

MIN one day chart (semilog scale) analysis [Video]