ASX: MINERAL RESOURCES LIMITED – MIN Elliott Wave Technical Analysis TradingLounge (1D Chart)
Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with MINERAL RESOURCES LIMITED – MIN. We determine that MIN may be correcting with wave ((2))-red for a while longer, after which wave ((3))-red may return to continue pushing higher.
ASX: MINERAL RESOURCES LIMITED – MIN Elliott Wave Technical Analysis
ASX: MINERAL RESOURCES LIMITED – MIN 1D Chart (Semilog Scale) Analysis
Function: Major trend (Minuette degree, purple)
Mode: Motive
Structure: Impulse
Position: Wave ((3))-red of Wave iii-blue of Wave (iii)-purple
Details: The shorter-term outlook indicates that both wave (1)-blue and wave (2)-blue have concluded, with wave (3)-blue initiated since the low at 52.52. The anticipated direction is upwards, initially targeting 75.23, and a break beyond this level would extend towards 84.03 while maintaining levels below 65.36 is a significant advantage and a strong resistance level for this perspective.
Invalidation point: 61.00
ASX: MINERAL RESOURCES LIMITED – TradingLounge (4-Hour Chart)
ASX: MINERAL RESOURCES LIMITED – MIN Elliott Wave Technical Analysis
ASX: MINERAL RESOURCES LIMITED – MIN 4-Hour Chart Analysis
Function: Major trend (Minuette degree, purple)
Mode: Motive
Structure: Impulse
Position: Wave ((3))-red of Wave iii-blue of Wave (iii)-purple
Details: The further short-term outlook shows that wave iii-blue is unfolding, and it is subdividing into wave ((1))-red, and perhaps it has recently peaked, now is the time for wave ((2) )-red open to push lower, it may find support around 66.78 - 65.36, and after it ends, wave ((3))-red may return to push even higher.
Invalidation point: 64.82
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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