Greetings! Today, we’re delving into the Australian Stock Exchange (ASX) with a focus on FORTESCUE LTD – FMG using Elliott Wave analysis. Our assessment suggests that wave (v) might see FMG continue its upward trajectory, but close monitoring is crucial until it surpasses a significant high. This breakthrough would bolster confidence and reaffirm the optimistic outlook.
ASX: FORTESCUE LTD – (FMG) Elliott Wave Analysis
- Trend: Major trend (Minuette degree, purple).
- Mode: Motive.
- Structure: Impulse.
- Position: Wave (iv)-purple.
- Details: In the short term, waves (i)-purple through (iii)-purple seem to have completed, with wave (iv)-purple currently unfolding. Recent indications suggest a potential end around a low of 23.43, but it’s premature to confirm. A rise above 26.56 would validate the bullish perspective.
- Invalidation point: 22.63
- Confirmation point: 26.56
ASX: FORTESCUE LTD – (FMG) Elliott Wave Analysis
ASX: FORTESCUE LTD – FMG 4-Hour Chart Analysis
- Trend: Major trend (Minuette degree, purple).
- Mode: Motive.
- Structure: Impulse wave.
- Position: Wave (v)-purple.
- Details: The short-term outlook suggests that wave (iv)-purple may have hit a bottom around 23.43, with wave (v)-purple potentially underway for further upward movement. However, caution is warranted as wave (iv) experienced a notable decline, and confirmation is needed. Breaking above the recent high at 26.56 would bolster the bullish sentiment.
Invalidation point: 23.43
Conclusion
Our analysis and forecast aim to provide insights into current market trends and effective capitalization strategies. We offer specific price points for validation or invalidation signals, enhancing confidence in our perspective. Through this approach, we strive to offer readers an objective and professional outlook on market trends.