ASX: BHP GROUP LIMITED – BHP Elliott Wave Technical Analysis (TradingLounge 1D Chart)

Updated Forecast and Trading Strategy

Today's Elliott Wave review for BHP GROUP LIMITED (ASX: BHP) offers a fresh technical update. According to the latest analysis, ASX: BHP may continue moving upward. The wave 2 (orange) has likely completed as a Zigzag corrective pattern, setting the stage for a possible wave 3 (orange) rally. This update outlines price targets and defines the key conditions for this bullish outlook to remain valid.

ASX: BHP GROUP LIMITED – BHP Elliott Wave Analysis (1D Chart – Semilog Scale)

ASX: BHP GROUP LIMITED – BHP Primary Wave Count and Technical Setup

Function: Major Trend (Intermediate Degree, Orange)

Mode: Motive

Structure: Impulse

Current Position: Wave 3 (Orange)

BHP Analysis Summary:

Wave 1 (orange) began from the low at 33.25, forming a clear five-wave impulse. Following that, wave 2 (orange) shaped into an A-B-C (grey) Zigzag correction. This sets a supportive base for wave 3 (orange) to develop next, targeting the 42.70 to 47.84 range. As long as the price remains above 35.52, the bullish scenario stays intact.

Key Support (Invalidation Point): 35.52

ASX: BHP Group Limited – BHP Elliott Wave Analysis (TradingLounge 4H Chart)

Intra-Day Confirmation and Entry Setup

Function: Major Trend (Intermediate Degree, Orange)

Mode: Motive

Structure: Impulse

Current Position: Wave 3 (Orange)

Technical Insights:

On the 4-hour chart, the Elliott Wave structure supports the 1D outlook. Traders could monitor the break above the Entry level as a trigger for a potential long trade, confirming continued upward movement.

Invalidation Point Remains: 35.52

Technical Analyst: Hua (Shane) Cuong, CEWA‑M (Certified Elliott Wave Analyst – Master Level)

Source: Visit Tradinglounge.com and learn from the Experts. Join TradingLounge Here 

See Previous: NEWMONT CORPORATION - NEM Elliott Wave Technical Analysis

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Conclusion

This update presents a refined Elliott Wave analysis for ASX: BHP GROUP LIMITED (BHP). It defines key wave positions and outlines a possible trade strategy. With clear levels to confirm or reject the wave count, this technical setup helps traders assess risk and direction confidently. The aim is to support informed decision-making with accurate wave count interpretation.