ASX: BHP GROUP LIMITED - TradingLounge (1D Chart)

Greetings, today’s Elliott Wave analysis covers the Australian Stock Exchange (ASX) BHP GROUP LIMITED - BHP. Our analysis indicates that BHP.ASX is expected to move higher in the long term, progressing through wave 3-grey.

ASX: BHP GROUP LIMITED - BHP 1D Chart (Semilog Scale) Analysis

BHP Elliott Wave Technical Analysis

Function: Major Trend (Minor degree, grey)

Mode: Motive

Structure: Impulse

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

Details: Wave ((i))-navy of wave 3-grey is in motion to push higher. The price must stay above the 23.6% retracement level for this trend to continue. A push lower reveals wave ((ii))-navy unfolding.

Invalidation Point: 38.28

ASX: BHP GROUP LIMITED - BHP 4-Hour Chart Analysis

Function: Major Trend (Minute degree, navy)

Mode: Motive

Structure: Impulse

Position: Wave (iii)-orange of Wave ((i))-navy

Details: Since the recent low at 38.285, wave ((i))-navy is progressing upwards, subdividing into wave (iii)-orange. This wave (iii)-orange is expected to push higher, followed by a pullback in wave (iv)-orange, and finally, wave (v)-orange will push higher, completing wave ((i))-navy.

Invalidation Point: 38.28

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

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Conclusion:

Our Elliott Wave analysis on ASX: BHP GROUP LIMITED - BHP offers valuable insights into both long-term trends and short-term movements. The specific price points provided act as crucial validation or invalidation signals for the wave count, allowing traders to make informed decisions. We aim to deliver an objective and professional outlook on market conditions, helping readers effectively capitalize on emerging opportunities.