Mineral Resources Limited (MIN) Elliott Wave technical analysis [Video]

ASX: Mineral Resources Limited Elliott Wave technical analysis – Daily chart

Function: Major Trend (Intermediate Degree, Orange).

Mode: Motive.

Structure: Impulse.

Position: Wave 3) Orange of Wave 5)) Navy.

Details: A significant correction completed at the $14.05 low. This sets the stage for a motive wave aiming higher. Targets are projected between $50.00 and $80.00. As long as the price remains above $14.05, the bullish scenario stays intact.

Although the price dipped below $18.47, this doesn’t negate the bullish outlook. Instead, it indicates that wave 2) Orange may have extended. The upcoming move in wave 3) Orange is still expected to push prices upward.

Invalidation level: $14.05 – the bullish scenario is void if price drops below this level.

ASX: Mineral Resources Limited – Four-hour chart

Function: Major Trend (Intermediate Degree, Orange).

Mode: Motive.

Structure: Impulse.

Position: Wave 3) Orange.

Details: On closer inspection, wave 1) Orange has ended as a five-wave pattern, and wave 2) Orange completed as a double zigzag at the $18.47 low. This implies that wave 3) Orange is now developing upward.

The short-term target is the $53.28 high. A move below $18.47 is not considered invalidating but indicates a longer development for wave 2). The bullish structure remains valid above the $14.05 threshold.

Invalidation level: $14.05 – price must stay above to maintain this outlook.

Conclusion

This analysis of ASX: MINERAL RESOURCES LIMITED (MIN) outlines both the broader and short-term trends using Elliott Wave theory. With defined targets and invalidation points, traders gain a structured roadmap for navigating potential market movements. This outlook integrates both daily and intraday perspectives to support informed trading decisions.

Mineral Resources Limited (MIN) Elliott Wave technical analysis [Video]