ASX: RIO TINTO LIMITED - RIO Elliott Wave Analysis - TradingLounge (1D Chart)
Our latest Elliott Wave analysis covers RIO TINTO LIMITED (ASX: RIO) on the Australian Stock Exchange. Currently, we anticipate a potential rally for RIO, likely within wave ((iii))-navy, though not immediately. We expect wave ((ii))-navy to push slightly lower before any upward move.
ASX: RIO TINTO LIMITED - RIO 1D Chart (Semilog Scale) Analysis
RIO Elliott Wave Technical Analysis
Trend Function: Major trend (Minor degree, grey)
Mode: Motive
Structure: Impulse
Position: Wave ((ii))-navy of Wave 3-grey
Analysis: We expect wave ((ii))-navy to complete a final leg down, finalizing its Zigzag pattern. Following this, wave ((iii))-navy may see an upward movement. Alternatively, if wave ((ii))-navy has ended, then wave ((iii))-navy could already be underway. For this alternative to confirm, prices must surpass the 123.78 level significantly and swiftly.
Invalidation Point: 105.11
ASX: RIO TINTO LIMITED - RIO 4-Hour Chart Analysis
Trend Function: Major trend (Minuette degree, navy)
Mode: Motive
Structure: Impulse
Position: Wave (b)-orange of Wave ((ii))-navy
Analysis: Wave ((ii))-navy appears to be continuing downward in a Zigzag pattern (a), (b), (c)-orange. We expect a small upward push to finalize wave (b)-orange before wave (c)-orange resumes the downward trend, completing the entire wave ((ii))-navy.
Invalidation Point: 105.11
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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Conclusion:
Our analysis and forecast provide an informed perspective on ASX: RIO TINTO LIMITED (RIO), detailing current trends and price targets that may validate or invalidate our Elliott Wave count. These strategic price levels aim to empower readers with an objective, professional outlook on market movements.