(ASX) FMG Fortescue || March 6, 2024
Master of Elliott Wave Analysis: Shane Hua (CEWA-M)
(Left chart) The broader context (Daily chart) suggests that wave ((iii))-green appears to have peaked at 29.95, followed by a corrective wave movement labeled ABC-purple. Overall, the context allows me to see that the rise of the Bull market is necessary; it's just too early to conclude this, and there may still be a further decline with wave v-blue. It can be said that the decline with wave (c)-purple seems severe, sharper, and stronger than wave (a), which often implies something is not right. However, I think you need to understand the weaknesses or risks you have to endure when investing in a bull market; who knows this decline could go even lower? What I can do for you is to provide high-quality analysis, forecasts, and I will help you continuously monitor until everything becomes clear.
(Right chart) Moving on to the short-term outlook (4H Chart), you can see that wave (c)-purple seems to be in the process of completing enough five-waves downward movement; short positions could work well. Furthermore, if this is correct, then from the low of 25.24 is where the start of a Bull market lies. But the risk in this case if you trade is too significant; at least you should wait for the high of 26.44 to be broken because FMG may be forming a Triangle pattern, so there is still a wave v-blue decline to a lower low before the Bull market truly resumes. However, when the high of 26.44 is broken, it will negate that bearish view and allow you to seek trading opportunities with the Bull market.
Master of Elliott Wave Analysis: Shane Hua (CEWA-M)
(Left chart) The broader context (Daily chart) suggests that wave ((iii))-green appears to have peaked at 29.95, followed by a corrective wave movement labeled ABC-purple. Overall, the context allows me to see that the rise of the Bull market is necessary; it's just too early to conclude this, and there may still be a further decline with wave v-blue. It can be said that the decline with wave (c)-purple seems severe, sharper, and stronger than wave (a), which often implies something is not right. However, I think you need to understand the weaknesses or risks you have to endure when investing in a bull market; who knows this decline could go even lower? What I can do for you is to provide high-quality analysis, forecasts, and I will help you continuously monitor until everything becomes clear.
(Right chart) Moving on to the short-term outlook (4H Chart), you can see that wave (c)-purple seems to be in the process of completing enough five-waves downward movement; short positions could work well. Furthermore, if this is correct, then from the low of 25.24 is where the start of a Bull market lies. But the risk in this case if you trade is too significant; at least you should wait for the high of 26.44 to be broken because FMG may be forming a Triangle pattern, so there is still a wave v-blue decline to a lower low before the Bull market truly resumes. However, when the high of 26.44 is broken, it will negate that bearish view and allow you to seek trading opportunities with the Bull market.