Elliott Wave Technical Forecast: Unlocking ASX Trading Success: Fortescue Ltd

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 ASX: Fortescue Ltd – FMG Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with Fortescue Ltd – FMG. We’ve identified that wave ((ii)) in green has recently bottomed out, and wave ((iii)) in green is now unfolding to push significantly higher.ASX: Fortescue Ltd – FMG Elliott Wave Technical Analysis  ASX: Fortescue Ltd – FMG 1D Chart (Semilog Scale) AnalysisFunction: Major trend (Minute degree, green)Mode: MotiveStructure: ImpulsePosition: Wave (iii)-purple of Wave ((iii))-greenDetails: The short-term outlook suggests that wave i in blue is currently unfolding to push higher, and wave ii in blue may soon return to pull back slightly before wave iii in blue resumes to push even higher.Invalidation point: 23.43ASX: Fortescue Ltd – FMG Elliott Wave Technical AnalysisASX: Fortescue Ltd – FMG 4-Hour Chart AnalysisFunction: Major trend (Minuette degree, purple)Mode: MotiveStructure: ImpulsePosition: Wave ii-blue  Details: The shorter-term outlook indicates that waves (i) and (ii) in purple have recently completed, and wave (iii) in purple is currently unfolding to push higher. It is subdividing into wave i in blue, which seems to have reached its peak. Therefore, I am open to the possibility that wave ii in blue will unfold to push slightly lower, followed by wave iii in blue resuming to push even higher.Invalidation point: 24.04

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Our analysis, forecast of contextual trends, and short-term outlook for ASX: Fortescue Ltd – FMG 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.Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).More By This Author:Elliott Wave Technical Analysis: UnitedHealth Group Inc. – Thursday, May 9
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