Mineral Resources Limited – MIN Elliott Wave technical analysis [Video]
|ASX: MIN Elliott Wave technical analysis
Our updated Elliott Wave technical review for MINERAL RESOURCES LIMITED (ASX: MIN) indicates promising upside potential. The recent end of a major fourth wave correction signals the likely start of a fifth wave advance. This analysis outlines expected targets and critical invalidation points for traders.
One-day chart analysis overview (semilog scale)
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Function: Major trend (Intermediate degree, orange).
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Mode: Motive.
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Structure: Impulse.
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Current Position: Wave 3 (orange) of Wave 5 (navy).
Details: The corrective wave has concluded at the 14.05 level. From this base, a Motive wave is expected to drive prices higher. Our short-term target range lies between $50.00 and $80.00. The bullish outlook remains valid only if the price holds above 14.05.
- Invalidation point: 14.05.
Four-hour chart technical view
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Function: Major trend (Intermediate degree, orange).
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Mode: Motive.
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Structure: Impulse.
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Current position: Wave 3 (orange).
Details: On a closer scale, Wave 1 (orange) completed at 14.05 as a five-wave structure. Wave 2 (orange) followed with a Double Zigzag correction ending at 18.47. This suggests Wave 3 (orange) is now in progress, targeting the 53.28 high.
- Invalidation point: 18.47 (Bullish view requires price to stay above this level).
Conclusion
This analysis offers a structured perspective on current trends and possible market movement for MINERAL RESOURCES LIMITED (ASX: MIN). By providing validation and invalidation levels, the forecast enhances confidence in the wave count. Our approach delivers clear, objective insights to assist traders in making informed decisions.
Mineral Resources Limited – MIN Elliott Wave technical analysis [Video]
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