Unlocking ASX Trading Success: South32 Limited

Unlocking ASX Trading Success: South32 Limited – Thursday, July 11

Jul 11, 2024Jeremy ParkinsonFinance, No picture0

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Greetings, our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with South32 Limited.S32 Analysis: Elliott Wave Technical OverviewSouth32 Limited (S32) – 1D Chart Analysis

Mode: Motive

Structure: Impulse

Position: Wave ((c)) – navy of Wave 2 – gray

Key Details:

Wave ((c)) – navy of wave 2 – gray is moving lower.

Potential support around the 3.32 level.

Price must stay below the 3.87 high to maintain this outlook.

Invalidation Point: 2.75

S32 Analysis: 4-Hour Chart ReviewSouth32 Limited (S32) – 4-Hour Chart Analysis

Function: Major Trend (Minor degree, gray)

Mode: Motive

Structure: Impulse

Position: Wave (i) – orange of Wave ((c)) – navy of Wave 2 – gray

Key Details:

Wave ((c)) – navy is developing as a Zigzag.

Subdividing into wave (i) – orange of wave ((c)) – navy.

Expected to drop lower, then wave (ii) – orange pushes higher.

Finally, wave (iii) – orange completes the pattern.

Target for wave 2 – gray is 3.32.

Invalidation Point: 3.87

Conclusion
Our analysis and short-term outlook for ASX: ASX Limited aim to provide insights into current market trends. We highlight specific price points that serve as validation or invalidation signals for our wave count, enhancing confidence in our perspective. Combining these factors, we strive to offer an objective and professional view of market trends.Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).More By This Author:Elliott Wave Technical Analysis: XRP Crypto Price News For Thursday, July 11
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