ASX: RIO TINTO LIMITED - RIO Elliott Wave Technical Analysis
Greetings, Our latest Elliott Wave analysis on RIO TINTO LIMITED (ASX: RIO) identifies a strong bullish potential, with the stock developing a third wave. This analysis provides key price levels to validate or refine our trend projections, helping traders make informed decisions.
ASX: RIO TINTO LIMITED Stock Analysis - TradingLounge 1D Chart
RIO TINTO LIMITED 1D Chart - Semilog Scale
Function: Major Trend (Minor degree, grey)
Mode: Motive
Structure: Impulse
Position: Wave ((iii)) - navy of Wave 3 - grey
Details:
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Wave ((ii)) - navy appears to have completed a Double Zigzag pattern, labeled (w)(x)(y) - orange.
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Wave (iii) - orange has initiated an upward move, signaling a potential rally.
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A closer examination of the 4H chart will offer further insights into the ongoing wave structure.
Invalidation Point: 113.55
ASX: RIO Elliott Wave Analysis (4-Hour Chart)
RIO TINTO LIMITED 4-Hour Chart - Semilog Scale
Function: Major Trend (Minute degree, navy)
Mode: Motive
Structure: Impulse
Position: Wave ii - grey of Wave ((iii)) - navy
Details:
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Wave ((ii)) - navy reached 113.55, confirming the expected bullish continuation.
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Wave ((iii)) - navy has commenced and is currently subdividing into wave i, ii - grey.
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Wave ii - grey may be nearing completion, setting the stage for a significant upward move in wave iii - grey.
Invalidation Point: 113.55
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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Conclusion
Our Elliott Wave technical analysis on ASX: RIO TINTO LIMITED (RIO) provides traders with essential market insights and actionable strategies. The identified price levels serve as key validation or invalidation points, strengthening confidence in our projections. By incorporating Elliott Wave principles, we offer a professional and data-driven perspective on RIO TINTO LIMITED’s price movements for informed decision-making.