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.

ASX: MINERAL RESOURCES LIMITED (MIN) 1D 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.

• Invalidation point: 32.60
• Key Point: 40.00

ASX: MINERAL RESOURCES LIMITED (MIN) 4-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.

• Invalidation point: 32.60
• Key Point: 40.00

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)

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