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RIO stock analysis and Elliott Wave technical forecast [Video]

Peter Mathers TradingLounge

ASX: RIO TINTO LIMITED - RIO Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart).

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with RIO TINTO LIMITED - RIO. We have determined that wave (i)-orange has reached its peak and wave (ii)-orange is opening to push lower. This correction will be our opportunity to participate in RIO with wave (iii)-orange.

ASX: RIO Tinto Limited - RIO Elliott Wave technical analysis

ASX: RIO TINTO LIMITED - RIO 1D Chart (Semilog Scale) Analysis.

Function: Major trend (Minor degree, grey).

Mode: Motive.

Structure: Impulse.

Position: Wave (ii)-orange of Wave ((iii))-navy of Wave 3-grey.

Details: The short-term outlook indicates that wave (i)-orange has just ended, and wave (ii)-orange appears to be unfolding to push lower. It may find support around 125.49 – 122.91.

Invalidation point: 114.88.

ASX: RIO TINTO LIMITED - RIO Elliott Wave Technical Analysis TradingLounge (4-Hour Chart).

ASX: RIO Tinto Limited - RIO Elliott Wave technical analysis

ASX: RIO TINTO LIMITED - RIO 4-Hour Chart Analysis.

Function: Major trend (Minute degree, orange).

Mode: Motive.

Structure: Impulse.

Position: Wave c-grey of Wave (ii)-orange.

Details: The short-term outlook indicates that wave (i)-orange has just completed, and wave (ii)-orange is unfolding to push lower. I expect this to be a Zigzag Correction. The first "leg" has completed with wave a-grey, and it appears that wave b-grey is unfolding and will soon end. After that, wave c-grey will follow to complete the second "leg" of the entire Zigzag pattern. We will look for a long trade setup once this ABC Correction is complete, aiming for wave (iii)-orange.

Invalidation point: 114.88.

Conclusion

Our analysis, forecast of contextual trends, and short-term outlook for ASX: RIO TINTO LIMITED - RIO 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: RIO Tinto Limited - RIO Elliott Wave technical 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.

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