Fortescue Ltd Elliott Wave analysis and technical forecast [Video]

ASX: FMG Elliott Elliott Wave technical analysis

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with FORTESCUE LTD – FMG. We see that ASX:FMG is nearing the completion of a 2-grey corrective wave, and then a 3-grey wave could soon return to push higher. Today’s analysis will look at key points to identify when the bullish trend returns and where this bullish view is invalidated.

ASX: FMG one-day chart (semilog scale) analysis

Function: Major trend (Minor degree, grey).

Mode: Motive.

Structure: Impulse.

Position: Wave ((c))-navy of Wave 2-grey.

Details: Wave 2-grey is still incomplete, it is developing in Zigzag form and will probably be completed soon, so continuing to extend further than expected to push a little lower. A push above 20.75 would then indicate wave 3-grey is ready to unfold.

Invalidation point: 15.88.

Confirmation point: 20.75.

ASX: FMG four-hour chart analysis

Function: Major trend (Minor degree, grey).

Mode: Motive.

Structure: Impulse.

Position: Wave ((c))-navy of Wave 2-grey.

Details: Looking closer, the ((a))-navy wave is a Diagonal, although not perfect and clear, but this is the best wave count. The ((b))-navy wave is followed by a Zigzag, and the ((c))-navy wave is almost done playing its role. On the short term as shown on the 4H chart, a push above 18.86 would indicate the unfolding of the 3-grey wave. 

Invalidation point: 15.88.

Confirmation point (at four- chart – Short term): 18.86.

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.

Fortescue Ltd Elliott Wave analysis and technical forecast [Video]