(ASX) RIO: Tinto Limited || March 6, 2024
Master of Elliott Wave Analysis: Shane Hua (CEWA-M)
Regarding the big picture (1D chart), it shows that wave 2-red has ended, and now Rio Tinto is entering a Bull market with wave 3-red. Now is the time for price action to decline further with wave (ii)-purple. And since the high of 136.7, the price action downwards has unfolded into three waves, labeled abc-blue. Waves a,b-blue have completed, and now it's time for wave c to decline to a lower low.
Moving on to the short-term outlook (4h chart), it provides a detailed description of price actions with clear subdivisions. Wave ((4))-red of wave c-blue has ended, and wave ((5))-red is declining even further. The target for this decline is initially at 120.24, while the price continues to maintain below the low of 127.41 because the fourth wave cannot end in the price territory of the first wave.
Rally to high levels will negate this wave count.
Master of Elliott Wave Analysis: Shane Hua (CEWA-M)
Regarding the big picture (1D chart), it shows that wave 2-red has ended, and now Rio Tinto is entering a Bull market with wave 3-red. Now is the time for price action to decline further with wave (ii)-purple. And since the high of 136.7, the price action downwards has unfolded into three waves, labeled abc-blue. Waves a,b-blue have completed, and now it's time for wave c to decline to a lower low.
Moving on to the short-term outlook (4h chart), it provides a detailed description of price actions with clear subdivisions. Wave ((4))-red of wave c-blue has ended, and wave ((5))-red is declining even further. The target for this decline is initially at 120.24, while the price continues to maintain below the low of 127.41 because the fourth wave cannot end in the price territory of the first wave.
Rally to high levels will negate this wave count.
Trade closed: target reached