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ASX: BHP GROUP LIMITED - BHP Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with BHP GROUP LIMITED - BHP. We confirm that since the 54.82 low, a Five-waves pattern could be unfolding to push higher, waves ((i)) and ((ii))-navy appear to be complete, ready for see wave ((iii))-navy will return to push even higher.

ASX: BHP GROUP LIMITED - BHP Elliott Wave Technical Analysis  

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

Function: Major (Minute degree, navy)
Mode: Motive
Structure: Impulse
Position: Wave ((iii))-navy
Details: The short-term outlook suggests some evidence that wave ((ii))-navy has ended. However, the price needs to rise above 60.82 to confirm this view. If confirmed, wave ((iii))-navy will unfold to push higher. Meanwhile, the price must remain above 57.37 to maintain this perspective.

Confirmation point: 60.82
Invalidation point: 57.37

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

ASX: BHP GROUP LIMITED - BHP Elliott Wave Technical Analysis

ASX: BHP GROUP LIMITED - BHP 4-Hour Chart Analysis

Function: Major trend (Minute degree, navy)
Mode: Motive
Structure: Impulse
Position: Wave ((3))-navy
Details: The short-term outlook suggests that wave ((ii))-navy appears to have just ended as a Zigzag, and starting from the low of 57.37, wave ((iii))-navy is unfolding to push higher. However, be mindful of the alternative wave count (ALT), which indicates that wave (b)-orange of wave ((ii))-navy might still be unfolding. This scenario is less common, so its probability is lower.

Confirmation point: 60.82
Invalidation point: 57.37

Conclusion:  

Our analysis, forecast of contextual trends, and short-term outlook for ASX: BHP GROUP LIMITED - BHP 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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