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By tradinglounge · Posted
ASX: MINERAL RESOURCES LIMITED – MIN Elliott 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 – MIN Elliott Wave Technical Analysis 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 opens 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 Conclusion: Our analysis, forecast of contextual trends, and short-term outlook for ASX: MINERAL RESOURCES LIMITED – MIN 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 the 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). -
Hi @Franswa38, Can you please confirm the opening price and the price at the time you took this screenshot? If the position is up by 42 pips and you are trading at $5 per pip, the amount shouldn't be that low. Do you have a screenshot that includes the price? Also, do you know the time this screenshot was taken? Regards, AshishIG -
By tradinglounge · Posted
Stock Market Report S&P 500, NASDAQ 100, RUSSELL 2000, DAX 40, FTSE 100, ASX 200. Elliott Wave Technical Analysis In our ongoing Elliott Wave analysis of key indices, including the S&P 500 and NASDAQ 100, it appears that the markets have not yet bottomed out. I plan to carefully watch for signs of support formation later on Thursday, which could signify reaching the lows. It's crucial to then observe whether the trading on Friday closes higher. Should this pattern not emerge, we might have to brace for a more extensive corrective phase. Consequently, I'll avoid making any hasty bearish moves and will instead monitor the market's performance towards the end of the week before making any trading decisions. Video Chapters 00:00 SP 500 (SPX) 03:12 NASDAQ (NDX) 10:00 Russell 2000 (RUT) 12:42 DAX 40 (DAX) 16:33 FTSE 100 UKX (UK100) 18:48 S&P/ASX 200 (XJO) 23:11 End Analyst Peter Mathers TradingLounge™ Australian Financial Services Licence - AFSL 317817 Source: tradinglounge com
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