SGX TSI Iron Ore Commodity Elliott Wave Analysis By Trading Lounge

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SGX TSI Iron Ore Elliott Wave Analysis – Trading Lounge
SGX TSI Iron Ore CFR China (62% Fe Fines) Index Futures

SGX TSI Daily Chart Analysis
From the long-term perspective, the index is shaping a double zigzag correction from its peak in May 2021, when it hit approximately $234. A sharp decline followed, bringing the price down to around $74 by October 2022. That initial selloff completed a zigzag formation.
The rally that followed formed another zigzag, topping out in January 2024 at $153.5. Since then, the index has resumed a downward move in yet another zigzag pattern. Together, these moves define a large-scale (w)-(x)-(y) corrective structure. The current wave (y) appears incomplete, and projections indicate it may extend toward the $45 level in the coming weeks or months.

SGX TSI 4-Hour (H4) Chart Analysis
On the H4 chart, the decline from October 2024 is taking shape as a leading diagonal, forming wave (A) of ((Y)) of w of (y). Once this diagonal concludes, a corrective rally in wave (B) is anticipated, followed by another decline forming wave (C) of ((Y)). This pattern supports a bearish outlook, particularly while price remains below the key resistance levels of $115 and $143.5.
Traders should expect downward continuation following corrective bounces and monitor price action near these critical resistance levels for confirmation of further declines.

Technical Analyst: Sanmi Adeagbo

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