SGX TSI Iron Ore Elliott Wave Analysis
SGX TSI Iron Ore refers to the Singapore Exchange (SGX) TSI Iron Ore futures contract. It is a widely used benchmark for iron ore prices, based on The Steel Index (TSI), which tracks iron ore spot prices. The contract is primarily used for hedging and trading in the global iron ore market, especially by steel producers, miners, and traders. It is cash-settled and reflects the price of 62% Fe iron ore fines delivered to China.
After a sharp drop from February 20 to March 5, the index is recovering quickly and may continue its recovery from September 2024 to higher prices, provided the January lows continue to hold. However, once the corrective bounce from September 2024 reaches an extreme and becomes exhausted, the larger trend favors the downside—unless the price breaches the January 2024 highs.
Daily chart analysis
From the daily chart, it is evident that SGX TSI prices have remained sideways and choppy since October 2024. The minimum expectation now is for prices to extend the corrective bounce from the September 2024 low of 88.5, which marked the end of the bearish corrective sequence from January 2024. Therefore, at a minimum, the current bounce should correct the previous decline.
The first leg of this bullish corrective cycle ended with an impulsive structure in October 2024, followed by a pullback. Now, a proposed five-wave rally is expected to push the price toward 122.19. In the short term, the upside will remain favored as long as the price stays above 95.90.
Four-hour chart Analysis
The H4 chart illustrates the sub-waves, showing that the price is about to advance in wave 3 of (3). The faster it rises toward the previous high of February 2025, the more favorable this scenario will be.
SGX TSI Iron Ore Elliott Wave technical analysis [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
Gold retains solid gains after reaching fresh record highs Premium
Gold price hit yet another record high on Monday, as the US Dollar sell-off continued on the back of US President Donald Trump’s criticism of Federal Reserve Chair Jerome Powell, fueling concerns about the future of the US economy.
AUD/USD eases from fresh 2025 highs, holds above 0.6400 Premium
The Australian Dollar surged against its American rival to a fresh yearly high of 0.6437. The poor performance of Wall Street pushed AUD/USD lower ahead of the daily close, but broad USD weakness is likely to keep Aussie on the winning side.
EUR/USD hovers above 1.1500 as investors drop the USD
The EUR/USD pair traded as high as 1.1574 on Monday, retreating from the over three-year high as fears cooled in the American session. Still, Wall Street edged sharply lower amid concerns about the Federal Reserve's autonomy.
Bitcoin traders celebrate 3.125 BTC halving anniversary with $90K price prediction
Bitcoin price surges past $88,000 on Monday as traders mark the 3.125 BTC halving anniversary amid a rapid shift in investor focus away from USD-based investments.
Five fundamentals for the week: Traders confront the trade war, important surveys, key Fed speech Premium
Will the US strike a trade deal with Japan? That would be positive progress. However, recent developments are not that positive, and there's only one certainty: headlines will dominate markets. Fresh US economic data is also of interest.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.