Greetings,
Our latest Elliott Wave analysis focuses on MINERAL RESOURCES LIMITED (ASX:MIN). Based on the current technical structure, we identify significant upside potential as a major Wave 4 correction appears to have concluded. We now anticipate a transition into Wave 5, which will highlight key target zones and invalidation levels to watch.
ASX: Mineral Resources Limited (MIN) Elliott Wave Analysis - Tradinglounge (1D Chart)
ASX: MINERAL RESOURCES LIMITED 1D Chart Technical Analysis
ASX: MINERAL RESOURCES LIMITED (MIN) Elliott Wave Technical Analysis
Function: Major Trend (Intermediate Degree – Orange)
Mode: Motive
Structure: Impulse
Position: Wave 3 to Wave 5 (Orange to Navy)
Technical Breakdown:
- The recent low at $14.05 likely marks the completion of a large corrective structure.
- A Motive wave is now expected to drive prices higher.
- Upside targets range between $50.00 and $80.00, assuming the price remains above $14.05, sustaining the bullish view.
- A brief move below $18.47 aligns with a prolonged Wave 2 (Orange) but does not invalidate the bullish setup.
- The continuation of Wave 3 (Orange) is anticipated if upward momentum resumes.
Key Invalidation Level: $14.05
ASX: MINERAL RESOURCES LIMITED – MIN – Elliott Wave Technical Analysis (4‑Hour Chart)
Function: Major Trend (Intermediate Degree – Orange)
Mode: Motive
Structure: Impulse
Position: Wave 3 (Orange)
Technical Breakdown:
- Following the $14.05 low, Wave 1 (Orange) completed a five-wave advance.
- Wave 2 (Orange) ended with a Double Zigzag correction at $18.47.
- Current price action suggests Wave 3 (Orange) is underway, with the structure pointing toward the $53.28 target.
- The bullish scenario remains valid above $18.47, with the critical invalidation level at $14.05.
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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Conclusion:
This Elliott Wave forecast for ASX:MIN integrates the broader trend with a near-term view. With clearly defined support and resistance levels, traders can monitor potential entry zones and risk parameters. Our analysis emphasizes wave count validation, contributing to a confident bullish outlook supported by structured technical reasoning.