ASX: BHP GROUP LIMITED - BHP Elliott Elliott Wave Technical Analysis TradingLounge

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with BHP Group Limited - BHP. We see that ASX:BHP has just completed wave ((ii))-navy, wave ((iii))-navy may be unfolding to push higher.

ASX: BHP Group Limited - BHP 1D Chart (Semilog Scale) Analysis

Function: Major Trend (Minor degree, grey)

Mode: Motive

Structure: Impulse

Position: Wave ((iii))-navy of Wave 3-grey

Details: Wave ((ii))-navy has most likely ended as a Zigzag labeled (a)(b)(c)-orange at 39.61. And wave ((iii))-navy is moving higher, targeting highs around 50.00.

Invalidation point: 39.61

ASX: BHP Group Limited - BHP 4-Hour Chart Analysis

Function: Major Trend (Minor degree, grey)

Mode: Motive

Structure: Impulse

Position: Wave ii-grey of Wave ((iii))-orange.

Details: Looking closer, since the 39.61 low I see a diagonal just completed as wave i-grey, and wave ii-grey could go a little lower, then wave iii-grey will continue to move higher.

Invalidation point: 39.61

Conclusion:

Our analysis, forecast of contextual trends, and short-term outlook for ASX: BHP Group Limited - BHP aims 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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