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]
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 drops below 1.0500 after US inflation data
EUR/USD stays under pressure and trades below 1.0500 in the American session on Wednesday. The US Dollar stays resilient against its rivals after the data showed that the annual CPI inflation edged higher to 2.7% in November, not allowing the pair to stage a rebound.
Gold extends rally above $2,700
Gold preserves its bullish momentum and trades above $2,700 for the first time in two weeks. Investors fully price in a 25 basis points Fed rate cut in December following the November inflation data from the US, boosting XAU/USD.
BTC faces setback from Microsoft’s rejection
Bitcoin price hovers around $98,400 on Wednesday after declining 4.47% since Monday. Microsoft shareholders rejected the proposal to add Bitcoin to the company’s balance sheet on Tuesday.
Why is the ECB set to cut interest rates again and what does that mean Premium
The ECB is widely expected to cut interest rates on Thursday for the fourth time this year. This is a significant achievement as it suggests that the ECB, which sets monetary policy in the Eurozone, is accelerating its path towards lower interest rates after an unprecedented increase.
GBP/USD drops below 1.2750, awaits US inflation data
GBP/USD is back in the red below 1.2750 in European trading on Wednesday. The Pound Sterling loses traction amid renewed US Dollar buying as risk sentiment worsens heading into the key US CPI showdown. The US inflation data is key to gauging the pace of Fed's future rate cuts.
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.