ASX: FORTESCUE LTD – FMG Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)
Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with FORTESCUE LTD – FMG. We have identified that wave (v) may return to FMG to continue pushing higher, but it needs to be monitored closely until the significant high is breached. This would increase confidence and renew the bullish outlook.
ASX: FORTESCUE LTD – FMG Elliott Wave Technical Analysis
ASX: FORTESCUE LTD – FMG 1D Chart (Semilog Scale) Analysis
Function: Major trend (Minuette degree, purple)
Mode: Motive
Structure: Impulse
Position: Wave (iv)-purple
Details: The short-term outlook indicates that waves (i)-purple through (iii)-purple has concluded, so wave (iv)-purple is currently unfolding. It seems that it may have just ended at a low of 23.43. However, it's too early to definitively say this, and a rise above 26.56 would refresh the bullish perspective.
Invalidation Point: 22.63 Confirmation point: 26.56
ASX: FORTESCUE LTD – FMG Elliott Wave Technical Analysis TradingLounge 4-Hour Chart
ASX: FORTESCUE LTD – FMG Elliott Wave Technical Analysis
ASX: FORTESCUE LTD – FMG 4-Hour Chart Analysis
Function: Major trend (Minuette degree, purple)
Mode: Motive
Structure: Impulse wave
Position: Wave (v)-purple
Details: The short-term outlook suggests that wave (iv)-purple appears to have bottomed out around 23.43, and wave (v)-purple seems to be unfolding to push higher. However, it's important to note that wave (iv) experienced a significant decline, and it's still too early to confirm what's happening. Therefore, breaking above the recent high at 26.56 would renew the bullish view and increase confidence in the upward trend.
Invalidation point: 23.43
Conclusion:
Our analysis, forecast of contextual trends, and short-term outlook for ASX: FORTESCUE LTD – FMG aim to provide readers with insights into the current market trends and how to capitalize on them effectively. We offer specific price points that act as validation or invalidation signals for our wave count, enhancing confidence in our perspective. By combining these factors, we strive to offer readers the most objective and professional perspective on market trends.
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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