ASX: SOUTH32 LIMITED – S32 Elliott Wave Technical Analysis (1D Chart)

Greetings, our latest Elliott Wave analysis focuses on the Australian Stock Exchange (ASX) listed company SOUTH32 LIMITED (S32). The current outlook indicates a prolonged downtrend, which deviates from our previous forecasts but aligns with recent market movements. Our prior analysis aided traders in exiting unfavorable long positions, and we now anticipate S32 to continue its downward trajectory.

ASX: SOUTH32 LIMITED – S32 Elliott Wave Technical Analysis

ASX: SOUTH32 LIMITED – S32 1D Chart (Semilog Scale) Analysis

Function: Major Trend (Minor degree, gray)

Mode: Motive

Structure: Impulse

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

Details: Wave ((iii)) - navy is unfolding and is expected to push lower further before concluding. Following this, Wave ((iv)) - navy is projected to move slightly higher, after which Wave ((v)) - navy will resume the downward movement.

Invalidation Point: 3.58

ASX: SOUTH32 LIMITED – S32 Elliott Wave Technical Analysis (4-Hour Chart)

ASX: SOUTH32 LIMITED – S32 Elliott Wave Technical Analysis

ASX: SOUTH32 LIMITED – S32 4-Hour Chart Analysis

Function: Major Trend (Minute degree, navy)

Mode: Motive

Structure: Impulse

Position: Wave ((iii)) - navy

Details: The current decline in Wave ((iii)) - navy suggests a limited potential for further downward movement, indicating an imminent conclusion. Subsequently, Wave ((iv)) - navy is expected to trend slightly higher before Wave ((v)) - navy resumes the downward trajectory.

Invalidation Point: 3.87

Conclusion:

Our analysis provides a detailed forecast of the contextual trends and short-term outlook for ASX: SOUTH32 LIMITED (S32), offering valuable insights for traders looking to navigate the current market conditions. By identifying specific price points that validate or invalidate our wave counts, we aim to enhance confidence in our projections. This analysis offers a professional and objective perspective on market trends.

Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation)

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