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Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) RIO TINTO LIMITED – RIO. We have identified that RIO may have completed the ((ii))-green wave at the 114.88 low, allowing the ((iii))-green wave to open up to push much higher. We will continuously monitor and update not only RIO but also the TOP 50 ASX Stocks and provide the best forecasts.
ASX: RIO Elliott Wave technical analysis
Function: Major trend (Minor degree, red).
Mode: Motive.
Structure: Impulse.
Position: Wave ((iii))-green of Wave 3-red.
Details: The short-term outlook suggests that wave ((ii))-green appears to have completed around 114.88, and wave ((iii))-green is now unfolding to push higher. Maintaining a price level above 121.10 would be advantageous and also serves as a strong support for this perspective.
Invalidation point: 102.51.
ASX: RIO four-hour chart analysis
Function: Major trend (Minute degree, green).
Mode: Motive.
Structure: Impulse.
Position: Wave iii-blue of Wave (iii)-purple of Wave ((iii))-green.
Details: The shorter-term outlook indicates that wave ((iii))-green is currently unfolding to continue pushing higher. The immediate targets could be around 134.68 and 139.59, or even further. Maintaining above the level of 125.10 would be advantageous, serving as both a support level and strengthening the bullish perspective.
Invalidation point: 114.88.
Conclusion
Our analysis, forecast of contextual trends, and short-term outlook for ASX: RIO TINTO LIMITED – RIO 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.
RIO Tinto Limited (RIO) Elliott Wave technical forecast [Video]
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