🔻 RIO – Impulse Complete, Pullback in Play | Eyes on $0.23–$0.25 Support Zone
RIO has just completed the first wave of what I believe to be the start of a major macro bullish impulsive structure. This initial 5-wave move tapped into a key supply zone, triggering a natural pullback.
This aligns with emerging signs of bearish divergence on momentum indicators, suggesting that bullish strength is fading.
📉 Additional confirmation comes from a breakdown of the ascending wedge pattern, typically a bearish reversal signal, adding weight to the likelihood of a corrective phase.
📌 Current Outlook:
Expecting a pullback toward the $0.23–$0.25 region — a strong support zone aligned with previous structure and fib confluence.
This zone is a high-probability area for a bounce, and could set the stage for the next leg up in RIO's bullish trend.
🚀 Macro View:
From a broader perspective, this correction appears to be a healthy pause before continuation. My mid-term bullish target for RIO remains at $5, in alignment with the larger trend structure.
RIO has just completed the first wave of what I believe to be the start of a major macro bullish impulsive structure. This initial 5-wave move tapped into a key supply zone, triggering a natural pullback.
This aligns with emerging signs of bearish divergence on momentum indicators, suggesting that bullish strength is fading.
📉 Additional confirmation comes from a breakdown of the ascending wedge pattern, typically a bearish reversal signal, adding weight to the likelihood of a corrective phase.
📌 Current Outlook:
Expecting a pullback toward the $0.23–$0.25 region — a strong support zone aligned with previous structure and fib confluence.
This zone is a high-probability area for a bounce, and could set the stage for the next leg up in RIO's bullish trend.
🚀 Macro View:
From a broader perspective, this correction appears to be a healthy pause before continuation. My mid-term bullish target for RIO remains at $5, in alignment with the larger trend structure.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.