ASX: FORTESCUE LTD – FMG Elliott Wave Technical Analysis TradingLounge (1D Chart)
Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with FORTESCURE LTD - FMG. We've identified that wave ((ii)) in green has recently bottomed out, and wave ((iii)) in green is now unfolding to push significantly higher.
ASX: FORTESCUE LTD - FMG Elliott Wave Technical Analysis
ASX: FORTESCUE LTD - FMG 1D Chart (Semilog Scale) Analysis
Function: Major trend (Minute degree, green)
Mode: Motive
Structure: Impulse
Position: Wave (iii)-purple of Wave ((iii))-green
Details: The short-term outlook suggests that wave i in blue is currently unfolding to push higher, and wave ii in blue may soon return to pull back slightly before wave iii in blue resumes to push even higher.
Invalidation point: 23.43
ASX Fortescue Metals Group Ltd – FMG Elliott Wave Technical Analysis (4-Hour)
ASX: FORTESCUE LTD - FMG 4-Hour Chart Analysis
Function: Major trend (Minuette degree, purple)
Mode: Motive
Structure: Impulse
Position: Wave ii-blue
Details: The shorter-term outlook indicates that waves (i) and (ii) in purple have recently completed, and wave (iii) in purple is currently unfolding to push higher. It is subdividing into wave i in blue, which seems to have reached its peak. Therefore, I am open to the possibility that wave ii in blue will unfold to push slightly lower, followed by wave iii in blue resuming to push even higher.
Invalidation point: 24.04
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation)
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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.