ASX: Fortescue Ltd – FMG Elliott Wave Technical Analysis (1D Chart)
Greetings, today’s Elliott Wave analysis focuses on Fortescue Metals Group Ltd (FMG) listed on the Australian Stock Exchange (ASX). We have observed that wave ((ii)) in green has recently reached its bottom, and wave ((iii)) in green is currently developing to move significantly higher.
ASX: Fortescue Ltd - FMG Elliott Wave Technical Analysis
ASX: Fortescue Ltd - FMG 1D Chart (Semi-Log Scale) Analysis
- Function: Major Trend (Minute degree, green)
- Mode: Motive
- Structure: Impulse
- Position: Wave iii-blue of Wave (iii)-purple of Wave ((iii))-green
- Details: The short-term analysis indicates that waves i, ii-blue have concluded, and waves iii-blue is beginning to rise further. The previously updated position in Stock Check yielded profitable results.
- Invalidation Point: 24.04
ASX: Fortescue Ltd - FMG Elliott Wave Technical Analysis
ASX: Fortescue Ltd - FMG 4-Hour Chart Analysis
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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