(ASX) BHP Group || March 6, 2024
Master of Elliott Wave Analysis: Shane Hua (CEWA-M)
(Left chart) The broader context (Daily chart) indicates that it seems the preceding Five-waves pattern has concluded, and you can see that wave ((v))-circle-green ended at 50.84. Following that, there was a downward price action, suggesting that the target of this decline could be lower. However, it belongs to a higher Degree while I want to focus on price actions more relevant to the current context. Therefore, I find that the current decline could extend lower. Overall, I can count waves and observe that wave (iii)-purple continues to decline, with its subdivisions having waves i,ii,iii,iv-blue, potentially indicating the next leg of the decline with wave v. Generally, the target of this decline could be lower than 42.61 as long as the price remains below the 47.81 level, thus maintaining this decline.
(Right chart) Upon careful consideration of the short-term outlook (4H chart), you can delve into the details of their subdivisions. It can be seen that wave iv-blue appears to have ended, so if this is correct, I would expect wave v-blue to be ready to decline lower, as long as the price remains consistently below the low of 45.70, because one of the rules of the Impulse wave is that the fourth wave should not end in the price territory of the first wave. I am simply maximizing the use of Elliott Wave Principle rules to identify crucial levels to know when I am wrong.
Additionally, there is still an alternative wave count (ALT), so keep track of the decline from the high of 47.81 down to the current low labeled as wave iii-blue, this entire movement being wave i-blue of wave (iii)-purple. Then, the price action will begin to rise further, and you can use the low at 45.70 again to determine if the wave count for the decline has become incorrect when the price action rises above that level.
Master of Elliott Wave Analysis: Shane Hua (CEWA-M)
(Left chart) The broader context (Daily chart) indicates that it seems the preceding Five-waves pattern has concluded, and you can see that wave ((v))-circle-green ended at 50.84. Following that, there was a downward price action, suggesting that the target of this decline could be lower. However, it belongs to a higher Degree while I want to focus on price actions more relevant to the current context. Therefore, I find that the current decline could extend lower. Overall, I can count waves and observe that wave (iii)-purple continues to decline, with its subdivisions having waves i,ii,iii,iv-blue, potentially indicating the next leg of the decline with wave v. Generally, the target of this decline could be lower than 42.61 as long as the price remains below the 47.81 level, thus maintaining this decline.
(Right chart) Upon careful consideration of the short-term outlook (4H chart), you can delve into the details of their subdivisions. It can be seen that wave iv-blue appears to have ended, so if this is correct, I would expect wave v-blue to be ready to decline lower, as long as the price remains consistently below the low of 45.70, because one of the rules of the Impulse wave is that the fourth wave should not end in the price territory of the first wave. I am simply maximizing the use of Elliott Wave Principle rules to identify crucial levels to know when I am wrong.
Additionally, there is still an alternative wave count (ALT), so keep track of the decline from the high of 47.81 down to the current low labeled as wave iii-blue, this entire movement being wave i-blue of wave (iii)-purple. Then, the price action will begin to rise further, and you can use the low at 45.70 again to determine if the wave count for the decline has become incorrect when the price action rises above that level.
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