ASX: SOUTH32 LIMITED – S32 Elliott Wave Analysis TradingLounge (1D Chart)

Greetings, our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) SOUTH32 LIMITED – S32. We observe S32 continuing its downward movement. We will focus on identifying a long trade setup as Wave 2-gray unfolds as an ABC correction.

ASX: SOUTH32 LIMITED – S32 1Day Chart Analysis

ASX: SOUTH32 LIMITED – S32 Elliott Wave Technical Analysis 

Function: Major trend (Minor degree, gray)

Mode: Motive

Structure: Impulse

Position: Wave ((c))-navy of Wave 2-gray

Details: Wave ((c))-navy of Wave 2-gray is expected to push lower, potentially finding support around the 3.32 level. The price must stay below the 3.87 high to maintain this view.

Invalidation point: 2.75

ASX: SOUTH32 LIMITED – S32 Elliott Wave Analysis TradingLounge (4-Hour Chart)

ASX: SOUTH32 LIMITED – S32 4-Hour Chart Analysis

ASX: SOUTH32 LIMITED – S32 Technical Analysis

Function: Major trend (Minor degree, gray)

Mode: Motive

Structure: Impulse

Position: Wave (i)-orange of Wave ((c))-navy of Wave 2-gray

Details: Wave ((c))-navy is developing as a zigzag and is expected to drop slightly lower before Wave (iii)-orange completes. The target for Wave 2-gray is a low of 3.32.

Invalidation point: 3.87

Conclusion

Our analysis, forecast of contextual trends, and short-term outlook for ASX: SOUTH32 LIMITED – S32 aim to provide insights into 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.

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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trends.