BHP Group Limited Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

ASX: BHP GROUP LIMITED - BHP Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart).

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) BHP GROUP LIMITED - BHP. We see BHP.ASX unfolding to push higher in the long term with wave 3-grey.

BHP Elliott Elliott Wave technical analysis

Function: Major trend (Minor degree, grey).

Mode: Motive.

Structure: Impulse.

Position: Wave ((i))-navy of Wave 3-grey.

Details: Wave ((i))-navy of wave 3-grey is unfolding to push higher. It will continue to push higher, while price must remain above the 23.6% level to maintain this position. The push lower shows wave ((ii))-navy is unfolding.

Invalidation point: 38.28.

BHP four-hour chart analysis

Function: Major trend (Minute degree, navy).

Mode: Motive.

Structure: Impulse.

Position: Wave (iii)-orange of Wave ((i))-navy.

Details: Since the low at 38.285, wave ((i))-navy is unfolding to push higher. It is itself subdividing into wave (iii)-orange. Basically wave (iii)-orange will be able to push higher, then wave (iv)-orange will unfold to pull back lower, and finally wave (v)-orange will unfold to push higher, to complete the entire wave ((i))-navy.

Invalidation point: 38.28.

Conclusion

Our analysis, forecast of contextual trends, and short-term outlook for ASX: BHP GROUP LIMITED - BHP 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.

BHP Group Limited 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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