Greetings, Our Elliott Wave<\/a> analysis today updates the Australian Stock<\/a> Exchange (ASX) RIO TINTO LIMITED \u2013 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\u00a0the TOP 50 ASX Stocks and provide the best forecasts.<\/p>\n Function:<\/strong> Major trend (Minor degree, red).<\/p>\n Mode: <\/strong>Motive.<\/p>\n Structure:<\/strong> Impulse.<\/p>\n Position:<\/strong> Wave ((iii))-green of Wave 3-red.<\/p>\n Details: <\/strong>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.<\/p>\n Invalidation point:<\/strong> 102.51.<\/p>\n <\/a><\/p>\n Function:<\/strong> Major trend (Minute degree, green).<\/p>\n Mode:<\/strong> Motive.<\/p>\n Structure:<\/strong> Impulse.<\/p>\n Position:<\/strong> Wave iii-blue of Wave (iii)-purple of Wave ((iii))-green.<\/p>\n Details:<\/strong> 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.<\/p>\n Invalidation point: <\/strong>114.88.<\/p>\nASX: RIO Elliott Wave\u00a0technical analysis\u00a0\u00a0<\/h2>\n
ASX: RIO four-hour chart analysis<\/h2>\n
![\"Chart\"](\"https:\/\/editorial.fxstreet.com\/miscelaneous\/Riotinto-638487536198300601.png\")
<\/a><\/p>\n