ASX: FMG Elliott Wave Analysis [Video]

Peter Mathers TradingLounge

Unlocking ASX Trading Success: FORTESCUE LTD – FMG Stock Analysis & Elliott Wave Technical Forecast

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with FORTESCUE LTD – FMG. We have identified that wave (v) may return to FMG to continue pushing higher, but it needs to be monitored closely until the significant high is breached. This would increase confidence and renew the bullish outlook.

ASX:Fortescue LTD – (FMG) Elliott Wave technical analysis

Function: Major trend (Minuette degree, purple).

Mode: Motive.

Structure: Impulse.

Position: Wave (iv)-purple.

Details: The short-term outlook indicates that waves (i)-purple through (iii)-purple have concluded, so wave (iv)-purple is currently unfolding. It seems that it may have just ended at a low of 23.43. However, it's too early to definitively say this, and a rise above 26.56 would refresh the bullish perspective. Invalidation point: 22.63 Confirmation point: 26.56

ASX: Fortescue LTD – (FMG) Elliott Wave technical analysis

ASX: FORTESCUE LTD – FMG 4-Hour Chart Analysis

Function: Major trend (Minuette degree, purple).

Mode: Motive.

Structure: Impulse wave.

Position: Wave (v)-purple.

Details: The short-term outlook suggests that wave (iv)-purple appears to have bottomed out around 23.43, and wave (v)-purple seems to be unfolding to push higher. However, it's important to note that wave (iv) experienced a significant decline, and it's still too early to confirm what's happening. Therefore, breaking above the recent high at 26.56 would renew the bullish view and increase confidence in the upward trend.

Invalidation point: 23.43

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 the confidence in our perspective. By combining these factors, we strive to offer readers the most objective and professional perspective on market trends.

ASX: Fortescue LTD (FMG) Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

EUR/USD hits fresh 2026 lows near 1.1570

EUR/USD adds to Monday’s heavy losses and reaches new yearly lows around 1.1570 on Tuesday. The pair’s deep pullback comes as the US Dollar extend its strong bounce, always propped up by the intense flight-to-safety environment amid the deteriorating geopolitical landscape in the Middle East.

GBP/USD attacks 1.3300, refreshing three-month lows

GBP/USD is deep in the red near 1.3300, accelerating its downside to renew three-month lows in European trading on Tuesday. The ongoing escalation in the Iran war, combined with rising Oil prices, weighs negatively on the higher-yielding Pound Sterling as the US Dollar capitalizes on increased haven demand.

Gold meets buyers around $5,000, remains under pressure

Gold comes under renewed and marked selling pressure on Tuesday, dangerously approaching the critical $5,000 mark per troy ounce, reversing at the same time four consecutive daily advances. The yellow metal’s bearish tone comes on the back of the increasing demand for the Greenback and investors’ repricing of Fed rate cuts.