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ASX: FORTESCUE LTD – FMG Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with FORTESCUE LTD – FMG. We see FMG.ASX possibly about to enter a bullish wave ((iii))-navy.

ASX: FORTESCUE LTD – FMG 1D Chart (Semilog Scale) Analysis

Function: Major trend (Minute degree, navy)

Mode: Motive

Structure: Impulse

Position: Wave ((ii))-navy

Details: Wave ((ii))-navy is extending longer than expected and pushing down more. And then the ((iii))-navy wave can come back to push even higher.But perhaps our Stop level is still safe.

Invalidation point: 15.88

ASX: FORTESCUE LTD – FMG 4-Hour Chart Analysis

Function: Major trend (Minute degree, navy)

Mode: Motive

Structure: Impulse

Position: Wave c-grey of Wave (y)-orange of Wave ((ii))-navy

Details: Since the low at 15.88, wave ((i))-navy has completed as a five-wave, and wave ((ii))-navy is unfolding to push lower as a Double Zigzag. Wave (w),(x)-orange may have just completed, and wave (y)-orange will continue its work to push lower. The stop at 16.46 is far enough away, so I think it will be safe.

Invalidation point: 15.88

Conclusion:

Our analysis, forecast of contextual trends, and short-term outlook for ASX: FORTESCUE LTD – FMG 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 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).

Source: Tradinglounge.com

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