BHP Group Limited – BHP Elliott Wave analysis and Elliott Wave technical forecast [Video]

This Elliott Wave update covers BHP GROUP LIMITED (ASX:BHP) on the Australian Stock Exchange.

There is an upward opportunity on the chart as wave 2) orange has recently completed as a Zigzag formation. Now, the chart suggests the start of wave 3) orange, potentially moving the price higher. This analysis identifies both the expected price target and the critical level that supports this bullish scenario.

BHP Elliott Wave technical analysis – One-day chart

• Function: Major trend (Intermediate degree, orange).

• Mode: Motive.

• Structure: Impulse.

• Position: Wave 3) orange.

Details:
From the low at 33.25, wave 1) orange completed as a five-wave pattern. Then, wave 2) orange appears to have finished as a three-wave Zigzag labeled A-B-C grey. This pattern indicates that wave 3) orange could now be forming and aiming for 42.70 to 47.84. The bullish scenario stays intact as long as the price remains above 35.52.

• Invalidation point: 35.52.

BHP Elliott Wave Technical Analysis – Four-hour chart

• Function: Major trend (Intermediate degree, orange).

• Mode: Motive.

• Structure: Impulse.

• Position: Wave 3) orange.

Details:
The 4-hour chart aligns with the 1-day analysis. A long position can be considered once the price breaks above the defined entry level. The invalidation level for the bullish setup remains 35.52.

Conclusion

This technical outlook for ASX: BHP GROUP LIMITED - BHP aims to inform traders about current trends and actionable strategies. By pinpointing key validation and invalidation points, this wave analysis builds a more reliable market view. Our goal is to deliver consistent, accurate, and professional insights for traders.

BHP Elliott Wave analysis and Elliott Wave technical forecast [Video]