fxs_header_sponsor_anchor

ASX: FMG Elliott Wave Analysis [Video]

Unlocking ASX Trading Success: FORTESCUE LTD – FMG Stock Analysis & Elliott Wave Technical Forecast

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with FORTESCUE LTD – FMG. We have identified that wave (v) may return to FMG to continue pushing higher, but it needs to be monitored closely until the significant high is breached. This would increase confidence and renew the bullish outlook.

ASX:Fortescue LTD – (FMG) Elliott Wave technical analysis  

Function: Major trend (Minuette degree, purple).

Mode: Motive.

Structure: Impulse.

Position: Wave (iv)-purple.

Details: The short-term outlook indicates that waves (i)-purple through (iii)-purple have concluded, so wave (iv)-purple is currently unfolding. It seems that it may have just ended at a low of 23.43. However, it's too early to definitively say this, and a rise above 26.56 would refresh the bullish perspective. Invalidation point: 22.63 Confirmation point: 26.56

ASX: Fortescue LTD – (FMG) Elliott Wave technical analysis

ASX: FORTESCUE LTD – FMG 4-Hour Chart Analysis

Function: Major trend (Minuette degree, purple).

Mode: Motive.

Structure: Impulse wave.

Position: Wave (v)-purple.

Details: The short-term outlook suggests that wave (iv)-purple appears to have bottomed out around 23.43, and wave (v)-purple seems to be unfolding to push higher. However, it's important to note that wave (iv) experienced a significant decline, and it's still too early to confirm what's happening. Therefore, breaking above the recent high at 26.56 would renew the bullish view and increase confidence in the upward trend.

Invalidation point: 23.43

Conclusion  

Our analysis, forecast of contextual trends, and short-term outlook for ASX: FORTESCUE LTD – FMG 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.

ASX: Fortescue LTD (FMG) Elliott Wave technical analysis [Video]

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.