ASX: Fortescue Ltd. – FMG Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with FORTESCUE LTD – FMG. We’ve identified that wave ((ii)) in green has recently bottomed out, and wave ((iii)) in green is now unfolding to push significantly higher.ASX: Fortescue Ltd. – FMG Elliott Wave Technical Analysis ASX: Fortescue Ltd. – FMG 1D Chart (Semi Log Scale) AnalysisFunction: Major trend (Minute degree, green)
Mode: Motive
Structure: Impulse
Position: Wave iii-blue of Wave (iii)-purple of Wave ((iii))-green
Details: The short-term outlook shows that wave i,ii-blue has just ended, and wave iii-blue is opened to push even higher. The previously updated position in Stock Check was profitable.
Invalidation point: 24.04
ASX: Fortescue Ltd. – FMG Elliott Wave Technical AnalysisASX: Fortescue Ltd. – FMG 4-Hour Chart AnalysisFunction: Major trend (Minuette degree, purple)
Mode: Motive
Structure: Impulse
Position: Wave iii-blue of Wave (iii)-purple
Details: The shorter-term outlook shows that wave i-blue has just ended, and wave ii-blue seems to have completed. Wave iii-blue may now unfold to push higher.
Invalidation point: 25.82
Conclusion:
Our analysis, forecast of contextual trends, and short-term outlook for ASX: Fortescue Ltd. – FMG 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.Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).More By This Author:Elliott Wave Technical Analysis: Nvidia Corp. – Thursday, May 16
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