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.
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.
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]
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
Editors’ Picks
EUR/USD clings to strong daily gains near 1.0900
EUR/USD trades at its strongest level since mid-October near 1.0900 after starting the week with a bullish gap. The uncertainty surrounding the US election outcome weighs on the US Dollar and helps the pair continue to push higher.
GBP/USD holds above 1.2950 as USD stays under pressure
GBP/USD stays in positive territory above 1.2950 after failing to clear 1.3000 earlier in the day. Heading into the US presidential election, the 10-year US Treasury bond yield is down more than 2% on the day, weighing on the USD and allowing the pair to hold its ground.
Gold trades around $2,730
Gold price is on the defensive below $2,750 in European trading on Monday, erasing the early gains. The downside, however, appears elusive amid the US presidential election risks and the ongoing Middle East geopolitical tensions.
Three fundamentals for the week: Toss up US election, BoE and Fed promise a roller coaster week Premium
Harris or Trump? The world is anxious to know the result of the November 5 vote – and may have to wait long hours for the outcome. Markets will also respond to the composition of Congress. The Bank of England and the Federal Reserve will enter the fray afterward.
US presidential election outcome: What could it mean for the US Dollar? Premium
The US Dollar has regained lost momentum against its six major rivals at the beginning of the final quarter of 2024, as tensions mount ahead of the highly anticipated United States Presidential election due on November 5.
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.