Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) SOUTH32 LIMITED – S32. We see S32 continuing to push lower with (Y)-orange wave.
ASX: S32 Elliott Wave technical analysis
Function: Major trend (Minor degree, gray).
Mode: Motive.
Structure: Impulse.
Position: Wave ((v))-navy of Wave A-grey.
Details: Wave ((iv))-navy appears to have completed as an Expanded Flat at the 3.17 high. And wave ((v))-navy could be unfolding to push lower, targeting the 2.79 low. While price must remain below the 3.17 high to maintain this view.
Invalidation point: 3.17.
S32 one-day chart
ASX: S32 Elliott Wave technical analysis
Function: Major Trend (Minute degree, navy).
Mode: Motive.
Structure: Impulse.
Position: Wave (i)-orange of Wave ((v))-navy.
Details: Wave ((v))-navy is unfolding to push lower, it is subdividing into wave (i)-orange, and it will probably end soon, then wave (ii)-orange will unfold to push a bit higher, and finally wave (iii)-orange will return to push lower, aiming for targets at the 2.79 low.
Invalidation point: 3.17.
S32 four-hour chart analysis
Conclusion
Our analysis, forecast of contextual trends, and short-term outlook for ASX: SOUTH32 LIMITED – S32 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.
South32 Limited Elliott Wave technical forecast [Video]
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