ASX: BHP GROUP LIMITED - BHP Elliott Wave Technical Analysis

Our updated Elliott Wave analysis focuses on BHP GROUP LIMITED (ASX:BHP), showing promising upward potential. The recently completed wave 2-orange appears to have formed a Zigzag pattern, indicating a possible rise with wave 3-orange underway. This section outlines our forecasted target range and the key price levels to confirm this bullish scenario.

ASX: BHP GROUP LIMITED - BHP 1D Chart (Semilog Scale) Analysis

Wave Function: Major trend (Intermediate degree, orange)
Wave Mode: Motive
Structure Type: Impulse
Wave Position: Wave 3-orange

Details:
Starting from the low at 33.25, wave 1-orange unfolded into a five-wave structure. Following that, wave 2-orange likely completed as an ABC grey Zigzag. This progression supports the idea that wave 3-orange is currently forming, targeting the 42.70–47.84 range. Maintaining a price above 35.52 keeps the bullish wave count intact.

Invalidation Point: 35.52

ASX: BHP GROUP LIMITED - BHP Elliott Wave Technical Analysis (4-Hour Chart)

TradingLounge 4-Hour Chart Update

Zooming into the 4-hour timeframe, the structure remains consistent with the 1D analysis. A long trade setup can be considered once the price breaks above the defined entry threshold, confirming the bullish wave development.

Wave Function: Major trend (Intermediate degree, orange)
Wave Mode: Motive
Structure Type: Impulse
Wave Position: Wave 3-orange

Invalidation Point: 35.52

Conclusion

Our Elliott Wave insights for BHP GROUP LIMITED (ASX:BHP) combine both short-term patterns and longer-term trends. We’ve identified specific price levels that support or invalidate the current wave outlook. These targets aim to assist traders in aligning with objective and informed market positions.

Technical Analyst: Hua (Shane) Cuong, CEWA-M (Certified Elliott Wave Analyst - Master Level)

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