Mineral Resources Limited – MIN Elliott Wave technical analysis [Video]

ASX: MIN Elliott Wave technical analysis

 Market update

Today’s Elliott Wave analysis highlights the prospects of MINERAL RESOURCES LIMITED (ASX: MIN) on the Australian Stock Exchange. Our findings reveal strong upward momentum potential, following the completion of a major fourth wave correction. We now anticipate a fifth wave to be in progress, with detailed targets and invalidation levels laid out.

ASX: MIN Elliott Wave Technical Analysis – One-day chart

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

• Mode: Motive.

• Structure: Impulse.

• Position: Wave 3) – orange of Wave 5)) – navy.

Analysis insight:  A substantial corrective wave concluded at the $14.05 low, which paves the way for a renewed Motive wave trend aiming higher. The price target is expected between $50.00 and $80.00, provided it remains above the $14.05 level. Dropping below this level would invalidate the bullish setup.

• Invalidation Point: $14.05

ASX: MIN – Elliott Wave technical analysis – Four-hour chart

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

• Mode: Motive.

• Structure: Impulse.

• Position: Wave 3) – orange.

Short-term view:

Zooming into the 4-hour chart, wave 1) – orange completed as a five-wave pattern from the $14.05 base. Subsequently, wave 2) – orange wrapped up as a Double Zigzag correction at the $18.47 low. The new upward phase suggests wave 3) – orange is underway, with a near-term goal of testing the $53.28 high.

• Invalidation point: $18.47 (Price must hold above this level to maintain the bullish view.

Conclusion

Our technical analysis and forecasts offer a well-structured perspective on the ongoing trends in ASX: MINERAL RESOURCES LIMITED (MIN). We aim to equip readers with actionable insights and clearly defined support/resistance levels to assess the Elliott Wave structure effectively. This structured approach enhances trading decisions by providing clarity on market direction.

Mineral Resources Limited – MIN Elliott Wave technical analysis [Video]