Rio Tinto Group is the world’s second largest metals and mining corporation which has its headquarters in London and Melbourne. Founded in 1873 and traded under tickers $RIO at LSE, ASE and also in US in form of ADRs, it is a component of both the FTSE100 and ASX200 indices. In terms of operations, Rio Tinto is producing iron ore, copper, diamonds, gold and uranium. Besides its primary role as a minerals’ extractor, the company is active significantly in refining of bauxite and iron ore. From 2020, we see a strong rally in commodities. Therefore, one should expect mining companies to profit substantially from the rising prices of the underlying assets. Indeed, mining genat Rio Tinto has shown a clear move up breaking to the all-times highs. As a matter of fact, our projection last year was correct. Here, we present un updated view.
Rio Tinto Monthly Elliott Wave Analysis 08.22.2021
The monthly chart below shows the Rio Tinto stock $RIO at ASE. From the all-time lows, the stock price has developed a cycle higher in wave ((I)) of a grand super cycle degree. Hereby, Rio Tinto has printed so far an important top on May 2008 at 124.19. The cycle up is an impulsive move; it shows 5 subwaves of a super cycle degree and an extension within the wave (III). From the 2008 highs, a correction lower has unfolded as a straightdown decline in the black wave ((II)). It has ended correcting the previous grand super cycle by printing an important bottom in December 2008 at 23.57.
From the 2008 lows at 23.57, a new cycle in wave ((III)) has already started. As a matter of fact, recent break above 124.19 has confirmed another extension higher. Now, the target for the wave ((III)) will be 148.02-224.87 area and possibly higher.
In shorter cycles, the advance towards February 2011 highs at 89.04 can be seen as a leading diagonal in a blue wave (I). Thereafter, decline lower towards February 2016 lows at 36.15 is a double three pattern in a blue wave (II) of a super cycle degree. Then, one can distinguish another two nests in red I-II and black ((1))-((2)).
Rio Tinto Daily Elliott Wave Analysis 08.22.2021
The daily view demonstrates the advance from the March 2020 lows in wave ((1)). It has unfolded impulsively breaking to the new all-time highs. From the 130.30 highs in March 2021, a correction lower in black wave ((2)) has started. Interestingly enough, $Rio saw another high at 137.33 being the end of the wave (B) of an expanded flat pattern within wave ((2)) pullback. Currently, the stock price is in the final stages of the wave (C) of ((2)). It should find support above 72.77 lows for an extension higher in black wave ((3)) of red wave III.
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