RIO Elliott Wave technical forecast [Video]

RIO Elliott Wave technical analysis

Our latest Elliott Wave analysis focuses on RIO TINTO LIMITED (RIO) on the Australian Stock Exchange (ASX). We identify bullish potential in ASX:RIO shares, with the development of a third wave, providing key price levels to confirm or adjust our trend expectations.

ASX: RIO TINTO LIMITED – RIO Elliott Wave Technical Analysis (1D Chart – Semilog Scale).

• Function: Major trend (Minor degree, grey).

• Mode: Motive.

• Structure: Impulse.

• Position: Wave ((iii)) – navy of Wave 3 – grey.

• Details:

  • Wave ((ii)) – navy may have completed as a Double Zigzag labeled (w)(x)(y) – orange.

  • Wave (iii) – orange has started its upward move.

  • Further analysis of the 4H chart will provide deeper insights into the ongoing wave structure.

• Invalidation point: 113.55.

RIO Elliott Wave technical analysis (Four-hour chart)

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

• Mode: Motive.

• Structure: Impulse.

• Position: Wave ii – grey of Wave ((iii)) – navy.

• Details:

  • Wave ((ii)) – navy ended at 113.55, confirming the next upward move.

  • Wave ((iii)) – navy has started and is subdividing into wave i, ii – grey.

  • Wave ii – grey may be approaching its completion before wave iii – grey moves significantly higher.

• Invalidation point: 113.55.

Conclusion

Our Elliott Wave analysis and short-term outlook on ASX: RIO TINTO LIMITED (RIO) aim to provide traders with market insights and actionable strategies. The provided price points serve as validation or invalidation levels for our wave counts, strengthening confidence in the forecast. By integrating these technical factors, we deliver a professional, objective perspective on RIO TINTO LIMITED’s price movements.

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

RIO Elliott Wave technical analysis [Video]