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

Greetings,
This Elliott Wave update covers BHP GROUP LIMITED (ASX:BHP) on the Australian Stock Exchange.

There is an upward opportunity on the chart as wave 2) orange has recently completed as a Zigzag formation. Now, the chart suggests the start of wave 3) orange, potentially moving the price higher. This analysis identifies both the expected price target and the critical level that supports this bullish scenario.

ASX: BHP GROUP LIMITED - BHP
Elliott Wave Technical Analysis – 1D Chart (Semilog Scale)

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

Details:
From the low at 33.25, wave 1) orange completed as a five-wave pattern. Then, wave 2) orange appears to have finished as a three-wave Zigzag labeled A-B-C grey. This pattern indicates that wave 3) orange could now be forming and aiming for 42.70 to 47.84. The bullish scenario stays intact as long as the price remains above 35.52.

• Invalidation Point: 35.52

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

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

Details:
The 4-hour chart aligns with the 1-day analysis. A long position can be considered once the price breaks above the defined entry level. The invalidation level for the bullish setup remains 35.52.

Conclusion:
This technical outlook for ASX: BHP GROUP LIMITED - BHP aims to inform traders about current trends and actionable strategies. By pinpointing key validation and invalidation points, this wave analysis builds a more reliable market view. Our goal is to deliver consistent, accurate, and professional insights for traders.

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

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