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ASX: MINERAL RESOURCES LIMITED – MIN Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with MINERAL RESOURCES LIMITED – MIN. We determine that MIN may be correcting with wave ((2))-red for a while longer, after which wave ((3))-red may return to continue pushing higher.

ASX: MINERAL RESOURCES LIMITED – MIN Elliott Wave Technical Analysis  

ASX: MINERAL RESOURCES LIMITED – MIN 1D Chart (Semilog Scale) Analysis

Function: Major trend (Minuette degree, purple)
Mode: Motive
Structure: Impulse
Position: Wave ((3))-red of Wave iii-blue of Wave (iii)-purple
Details: The shorter-term outlook indicates that both wave (1)-blue and wave (2)-blue have concluded, with wave (3)-blue initiated since the low at 52.52. The anticipated direction is upwards, initially targeting 75.23, and a break beyond this level would extend towards 84.03, while maintaining levels below 65.36 is a significant advantage and a strong resistance level for this perspective.
Invalidation point: 61.00  

ASX: MINERAL RESOURCES LIMITED – MIN Elliott Wave Technical Analysis
TradingLounge (4-Hour Chart)

ASX: MINERAL RESOURCES LIMITED – MIN Elliott Wave Technical Analysis

ASX: MINERAL RESOURCES LIMITED – MIN 4-Hour Chart Analysis

Function: Major trend (Minuette degree, purple)

Mode: Motive

Structure: Impulse  

Position: Wave ((3))-red of Wave iii-blue of Wave (iii)-purple

Details: The further short-term outlook shows that wave iii-blue is unfolding, and it is subdividing into wave ((1))-red, and perhaps it has recently peaked, now is the time for wave ((2) )-red opens to push lower, it may find support around 66.78 - 65.36, and after it ends, wave ((3))-red may return to push even higher.  

Invalidation point: 64.82

Conclusion:  

Our analysis, forecast of contextual trends, and short-term outlook for ASX: MINERAL RESOURCES LIMITED – MIN aim to provide readers with insights into the current market trends and how to capitalize on them effectively. We offer specific price points that act as validation or invalidation signals for our wave count, enhancing the confidence in our perspective. By combining these factors, we strive to offer readers the most objective and professional perspective on market trends.

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

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