Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) RIO TINTO LIMITED – RIO. We have identified that RIO may have completed the ((ii))-green wave at the 114.88 low, allowing the ((iii))-green wave to open up to push much higher. We will continuously monitor and update not only RIO but also the TOP 50 ASX Stocks and provide the best forecasts.

ASX: RIO Elliott Wave technical analysis  

Function: Major trend (Minor degree, red).

Mode: Motive.

Structure: Impulse.

Position: Wave ((iii))-green of Wave 3-red.

Details: The short-term outlook suggests that wave ((ii))-green appears to have completed around 114.88, and wave ((iii))-green is now unfolding to push higher. Maintaining a price level above 121.10 would be advantageous and also serves as a strong support for this perspective.

Invalidation point: 102.51.

Rio

ASX: RIO four-hour chart analysis

Function: Major trend (Minute degree, green).

Mode: Motive.

Structure: Impulse.

Position: Wave iii-blue of Wave (iii)-purple of Wave ((iii))-green.

Details: The shorter-term outlook indicates that wave ((iii))-green is currently unfolding to continue pushing higher. The immediate targets could be around 134.68 and 139.59, or even further. Maintaining above the level of 125.10 would be advantageous, serving as both a support level and strengthening the bullish perspective.

Invalidation point: 114.88.

Chart

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.

RIO Tinto Limited (RIO) Elliott Wave technical forecast [Video]

Share: Feed news

As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.

Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.

The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.

Recommended content


Recommended content

Editors’ Picks

AUD/USD: Next upside target comes at 0.6550

AUD/USD: Next upside target comes at 0.6550

AUD/USD managed well to shrug off the marked advance in the Greenback as well as geopolitical tensions, regaining the area above the 0.6500 hurdle ahead of preliminary PMIs in Australia.

AUD/USD News
EUR/USD: Further losses now look at 1.0450

EUR/USD: Further losses now look at 1.0450

Further strength in the US Dollar kept the price action in the risk-associated assets depressed, sending EUR/USD back to the 1.0460 region for the first time since early October 2023 prior to key releases in the real economy.

EUR/USD News
Gold faces extra upside near term

Gold faces extra upside near term

Gold extends its bullish momentum further above $2,660 on Thursday. XAU/USD rises for the fourth straight day, sponsored by geopolitical risks stemming from the worsening Russia-Ukraine war. Markets await comments from Fed policymakers.

Gold News
Ethereum Price Forecast: ETH open interest surge to all-time high after recent price rally

Ethereum Price Forecast: ETH open interest surge to all-time high after recent price rally

Ethereum (ETH) is trading near $3,350, experiencing an 10% increase on Thursday. This price surge is attributed to strong bullish sentiment among derivatives traders, driving its open interest above $20 billion for the first time. 

Read more
A new horizon: The economic outlook in a new leadership and policy era

A new horizon: The economic outlook in a new leadership and policy era

The economic aftershocks of the COVID pandemic, which have dominated the economic landscape over the past few years, are steadily dissipating. These pandemic-induced economic effects are set to be largely supplanted by economic policy changes that are on the horizon in the United States.

Read more
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

Forex MAJORS

Cryptocurrencies

Signatures