Unlocking ASX Trading Success: Rio Tinto Limited

Unlocking ASX Trading Success: Rio Tinto Limited – Monday, July 15

Jul 15, 2024Jeremy ParkinsonFinance, No picture0

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ASX: RIO TINTO LIMITED – RIO Elliott Wave Technical AnalysisTradingLounge (1D Chart)Greetings,Our Elliott Wave analysis today focuses on RIO TINTO LIMITED – RIO, listed on the Australian Stock Exchange (ASX).We foresee RIO potentially continuing to decline with wave 2 (grey), followed by wave 3 (grey) which may see a subsequent upward push.ASX: RIO TINTO LIMITED – RIO 1D Chart (Semilog Scale) Analysis

Function: Major trend (Minor degree, grey)

Mode: Motive

Structure: Impulse

Position: Wave (c) – orange of Wave 2 – grey

Details: Wave (b) – orange seems to have peaked at 124.65, with wave (c) – orange now moving lower. To maintain this outlook, the price must stay below 124.65.

Invalidation point: 87.60

ASX: RIO TINTO LIMITED – RIO Elliott Wave Technical AnalysisTradingLounge (4-Hour Chart)

Function: Counter trend (Minute degree, navy)

Mode: Corrective

Structure: Zigzag

Position: Wave (c) – orange of Wave 2 – grey

Details: Wave 2 – grey is likely to push lower, subdividing into wave (b) – orange which has peaked at 124.65. Now, wave (c) – orange is expected to decline further, with a target price of 109.56, provided the price remains below 124.65.

Invalidation point: 124.36

Conclusion
Our analysis of ASX: RIO TINTO LIMITED – RIO provides insights into current market trends and strategies to capitalize on them effectively. We specify key price points that serve as validation or invalidation signals for our wave count, thereby enhancing confidence in our perspective. By combining these elements, we aim to offer a professional and objective view of market trends.Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation)More By This Author:Elliott Wave Technical Analysis: Bitcoin Crypto Price Today
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