TRENDING:

US NFP

GBP/USD

MIN stock analysis and Elliott Wave analysis [Video]

Peter Mathers TradingLounge

ASX: MINERAL RESOURCES LIMITED - MIN Elliott Elliott Wave Technical Analysis TradingLounge

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) MINERAL RESOURCES LIMITED - MIN. We see MIN.ASX could be preparing to move up with wave (iii)-orange of wave ((iii))-navy.

ASX: Mineral Resources Limited - MIN 1D chart (semilog scale) analysis

Function: Major trend (Minute degree, navy).

Mode: Motive.

Structure: Impulse.

Position: Wave (ii)-orange of Wave ((iii))-navy.

Details: Wave ((ii))-navy may have finished as (a)(b)(c)-orange Zigzag, and since 33.23 wave ((iii))-navy is unfolding to push higher, which itself is an Extended Waves, it is subdividing into wave (ii)-orange and will probably complete soon, after which wave (iii)-orange will push higher.

Invalidation point: 33.23.

ASX: Mineral Resources Limited - MIN four-hour chart analysis

Function: Major trend (Minute degree, navy).

Mode: Motive.

Structure: Impulse.

Position: Wave (ii)-orange of Wave ((iii))-navy.

Details: Since the low of 33.23 wave ((iii))-navy is unfolding to push higher. It is subdividing into wave (ii)-orange itself, with the unstable development, it may push lower again, then wave (iii)-orange will return to push higher. Also a push above 42.70 will clarify the view that wave (iii)-orange is unfolding.

Invalidation point: 33.23.

Cofirmation point: 42.70.

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).

ASX: Mineral Resources Limited - MIN chart 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.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD climbs toward 1.1800 on broad USD weakness

EUR/USD gathers bullish momentum and advances toward 1.1800 in the second half of the day on Tuesday. The US Dollar weakens and helps the pair stretch higher after the employment report showed that Nonfarm Payrolls declined by 105,000 in October before rising by 64,000 in November.

GBP/USD climbs to fresh two-month high above 1.3400

GBP/USD gains traction in the American session and trades at its highest level since mid-October above 1.3430. The British Pound benefits from upbeat PMI data, while the US Dollar struggles to find demand following the mixed employment figures and weaker-than-forecast PMI prints, allowing the pair to march north.

Gold extends its consolidative phase around $4,300

Gold trades in positive above $4,300 after spending the first half of the day under bearish pressure. XAU/USD capitalizes on renewed USD weakness after the jobs report showed that the Unemployment Rate climbed to 4.6% in November and the PMI data revealed a loss of growth momentum in the private sector in December.

US Retail Sales virtually unchanged at $732.6 billion in October

Retail Sales in the United States were virtually unchanged at $732.6 billion in October, the US Census Bureau reported on Tuesday. This print followed the 0.1% increase (revised from 0.3%) recorded in September and came in below the market expectation of +0.1%.

Ukraine-Russia in the spotlight once again

Since the start of the week, gold’s price has moved lower, but has yet to erase the gains made last week. In today’s report we intend to focus on the newest round of peace talks between Russia and Ukraine, whilst noting the release of the US Employment data later on day and end our report with an update in regards to the tensions brewing in Venezuela.

BNB Price Forecast: BNB slips below $855 as bearish on-chain signals and momentum indicators turn negative

BNB, formerly known as Binance Coin, continues to trade down around $855 at the time of writing on Tuesday, after a slight decline the previous day. Bearish sentiment further strengthens as BNB’s on-chain and derivatives data show rising retail activity.