ASX: MINERAL RESOURCES LIMITED Elliott Wave Technical Analysis – TradingLounge Daily Chart (1D, Semilog Scale)
MIN Elliott Wave Technical Analysis
Function: Major Trend (Intermediate Degree, Orange)
Mode: Motive
Structure: Impulse
Position: Wave 3) Orange of Wave 5)) Navy
Details:
A substantial correction concluded at the $14.05 low, signaling the beginning of a new motive wave trending upward. Projected price targets fall between $50.00 and $80.00. Provided the price remains above $14.05, the bullish forecast remains in play.
Although the price briefly fell below $18.47, this action does not invalidate the upward trend. Instead, it suggests an extended wave 2) Orange. The following movement in wave 3) Orange is still expected to push prices higher, maintaining the bullish market scenario.
Invalidation Level: $14.05 – the bullish view is invalidated only if the price falls below this support level.
ASX: MINERAL RESOURCES LIMITED Elliott Wave Technical Analysis – TradingLounge 4-Hour Chart
MIN Elliott Wave Technical Analysis
Function: Major Trend (Intermediate Degree, Orange)
Mode: Motive
Structure: Impulse
Position: Wave 3) Orange
Details:
Detailed analysis shows that wave 1) Orange ended with a five-wave impulse, followed by wave 2) Orange forming a double zigzag pattern, terminating near the $18.47 low. This setup confirms the emergence of an upward-developing wave 3) Orange.
In the short term, the key resistance target is $53.28. A drop below $18.47 signals a lengthier formation of wave 2), but the primary bullish framework holds as long as the price stays above $14.05.
Invalidation Level: $14.05 – remaining above this level sustains the bullish Elliott Wave scenario.
Technical Analyst: Hua (Shane) Cuong, CEWA‑M (Certified Elliott Wave Analyst – Master Level)
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Conclusion:
This Elliott Wave analysis for ASX: MINERAL RESOURCES LIMITED (MIN) combines daily and 4-hour chart perspectives, presenting a comprehensive outlook for traders. With defined resistance levels and invalidation points, this forecast helps guide trading strategies using a clear, structured approach grounded in technical analysis.