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Our Elliott Wave analysis today reviews Australian Stock Exchange (ASX) listing MINERAL RESOURCES LIMITED – MIN. We identify strong upside potential for ASX:MIN as a major fourth‑wave correction has just concluded, and we anticipate entering the fifth wave. In this analysis, we highlight target zones and key invalidation levels.
ASX: MIN – Elliott Wave technical analysis – One-day chart
Function: Major trend (Intermediate degree, orange).
Mode: Motive.
Structure: Impulse.
Position: Wave 3 –Wave 5 (orange–navy).
Details:
A large corrective wave appears to have ended at the 14.05 low, enabling a Motive wave shift upward. Near‑term targets lie between $50.00 and $80.00, provided price stays above 14.05 to sustain the bullish outlook. The dip below 18.47 does not negate our outlook; instead, it indicates that Wave 2 (orange) extended longer than expected, leaving room for Wave 3 (orange) to resume upward momentum.
Invalidation point: 14.05.
ASX: MIN – Elliott Wave technical analysis – Four-hour chart
Function: Major trend (Intermediate degree, orange).
Mode: Motive.
Structure: Impulse.
Position: Wave 3 (orange).
Details:
Zooming in, since 14.05, Wave 1 (orange) completed its five‑wave structure, and Wave 2 (orange) finished a Double Zigzag correction at the 18.47 low. This suggests that Wave 3 (orange) has begun pushing higher from 18.47, aiming toward the 53.28 high. Again, price staying above 18.47 keeps the bullish case intact while respecting the invalidation floor at 14.05.
Conclusion
Our analysis and forecast of ASX:MIN combine broader trend context with short‑term technical outlooks, offering specific price levels for validation and invalidation of our wave count. This approach reinforces our confidence in the bullish scenario. We aim to provide readers with objective, professional insight into current market trends and ways to capitalize effectively.
