ASX: BHP Group Ltd - BHP - Elliott Wave Technical Analysis

Our current Elliott Wave analysis focuses on BHP Group Ltd (ASX: BHP), providing an updated view on potential market movements. The third wave (wave 3 navy) appears to be forming, with expectations of a strong upward movement. This report outlines the short-term outlook, trend potential, strategic entry zones, and critical invalidation levels of the bullish structure.

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

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

Details:
The previous wave 2)) - navy seems complete, signaling the onset of wave 3)) - navy. This is subdividing into wave 3) - orange. We project a potential rise towards 40.00. Before that, wave 2) - orange could retrace down to 37.024 - 35.628. A surge past 39.390 would confirm the next phase of wave 3) - orange.

Invalidation Point: 33.25

ASX: BHP Group Ltd - BHP

4-Hour Chart Analysis

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

Details:
Closer inspection reveals we are nearing the completion of wave 2) - orange, which includes a clear A-B-C (grey) sequence. Wave C - grey is now entering the anticipated reversal zone near 37.024 - 35.628. A strong rally from this area and a break above 39.390 would support the bullish case for wave 3) - orange taking hold.

Invalidation Point: 84.83

Conclusion:
Our market assessment, covering trend projections and short-term expectations for BHP Group Ltd (ASX: BHP), offers insight into effective trading strategies. Price levels mentioned act as key indicators, either validating or invalidating the projected wave path. These inputs provide traders with a professional and accurate framework for decision-making.

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

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