ASX: SOUTH32 LIMITED – S32 Elliott Wave Technical Analysis (1D Chart)
Welcome to today’s Elliott Wave analysis, focusing on the Australian Stock Exchange (ASX) SOUTH32 LIMITED – S32. Our analysis indicates that S32 is continuing its downward movement within the (Y)-orange wave.
ASX: SOUTH32 LIMITED – S32 1D Chart (Semilog Scale) Analysis
S32 Elliott Wave Technical Analysis
Function: Counter-trend (Minor degree, grey)
Mode: Corrective
Structure: Double Zigzag
Position: Wave B-grey of Wave (Y)-orange
Details:
Since the high at 4.02, the (Y)-orange wave is unfolding as a zigzag pattern. Wave A-grey has already completed, and wave B-grey is now pushing higher, targeting the 3.50 level. Once wave B-grey is finished, wave C-grey could push prices lower again. To keep this scenario valid, the price must stay below 4.02.
ASX: SOUTH32 LIMITED – S32 4-Hour Chart Analysis
S32 Elliott Wave Technical Analysis
Function: Counter-trend (Minor degree, grey)
Mode: Corrective
Structure: Zigzag
Position: Wave C-navy of Wave B-grey
Details:
In the shorter 4-hour timeframe, wave B-grey is unfolding to the upside, forming a Zigzag structure labeled ((a)), ((b)), ((c))-navy. The ((c))-navy wave is nearing completion and may push higher toward the nearest target of 3.31. A break through this level could drive the price toward 3.50. To maintain this outlook, prices must remain above 2.91.
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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Conclusion:
Our Elliott Wave analysis for ASX: SOUTH32 LIMITED – S32 outlines current market trends and provides actionable insights for traders. Key price points serve as validation and invalidation markers, helping to build confidence in our wave count. By leveraging these technical insights, we aim to offer a clear, objective, and professional view of the ongoing market dynamics.