ASX: RIO TINTO LIMITED - RIO Elliott Wave Technical Analysis TradingLounge (1D Chart)

Greetings, our latest Elliott Wave analysis updates the Australian Stock Exchange (ASX) focusing on RIO TINTO LIMITED - RIO. We've identified that wave (i)-orange has reached its peak, and wave (ii)-orange is now developing, likely to push lower. This correction presents a prime opportunity to engage with RIO during wave (iii)-orange.

ASX: RIO TINTO LIMITED - RIO Elliott Wave Technical Analysis

ASX: RIO TINTO LIMITED - RIO 1D Chart (Semilog Scale) Analysis

Function: Major trend (Minor degree, grey)

Mode: Motive

Structure: Impulse

Position: Wave (ii)-orange of Wave ((iii))-navy of Wave 3-grey

Details: The short-term outlook indicates wave (i)-orange has concluded, and wave (ii)-orange is now unfolding, likely pushing lower. It may find support around 125.49 – 122.91.

Invalidation point: 114.88

Rio-Tinto-Ltd-1D-asx...

 


 

ASX: RIO TINTO LIMITED - RIO Elliott Wave Technical Analysis TradingLounge (4-Hour Chart)

ASX: RIO TINTO LIMITED - RIO 4-Hour Chart Analysis

Function: Major trend (Minute degree, orange)

Mode: Motive

Structure: Impulse

Position: Wave c-grey of Wave (ii)-orange

Details: The short-term outlook suggests wave (i)-orange has completed, and wave (ii)-orange is currently unfolding to push lower, likely forming a Zigzag Correction. The first "leg" has ended with wave a-grey, wave b-grey is unfolding and will soon conclude, followed by wave c-grey to complete the Zigzag pattern. We will look for a long trade setup post ABC Correction, targeting wave (iii)-orange.

Invalidation point: 114.88

Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

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Rio-Tinto-Ltd-4h-asx...

Conclusion:

Our Elliott Wave analysis for ASX: RIO TINTO LIMITED - RIO aims to provide actionable insights into the current market trends. We highlight specific price points as validation or invalidation signals for our wave count, enhancing confidence in our analysis. Combining these elements, we strive to deliver the most professional and objective perspective on market trends, helping you capitalize on them effectively

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