ASX: RIO TINTO LIMITED - RIO Elliott Elliott Wave Technical Analysis TradingLounge

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) RIO TINTO LIMITED - RIO. We see the potential for ASX:RIO to rise with the third wave following. This analysis will give you specific visual price levels, and key points to help you know when the uptrend starts, or when this bull view is wrong and needs to be eliminated in the most scientific way.

ASX: RIO TINTO LIMITED - RIO 1D Chart (Semilog Scale) Analysis

Function: Major trend (Minor degree, grey)

Mode: Motive

Structure: Impulse

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

Details: Wave ((ii))-navy may move a little lower. Then wave ((iii))-navy may turn back to move much higher. On the other hand, a break of 126.04 would trigger the ALT alternative scenario, suggesting that wave ((iii))-navy may be ready sooner than expected. 

Invalidation point: 105.11

Confirmation point: 126.04

ASX: RIO TINTO LIMITED - RIO 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 of Wave 3-grey

Details: The 4H chart has not changed significantly compared to the 1D chart. The key point to watch and see what happens next is still 126.04.

Invalidation point: 39.43

Confirmation point: 126.04

Conclusion:

Our analysis, forecast of contextual trends, and short-term outlook for ASX: RIO TINTO LIMITED - RIO 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 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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