VALE: Elliott Wave AnalysisWe're looking at an Expanded Flat correction in Wave 2, with Wave C forming a Complex Corrective ABCDE triangle pattern
After breaking down from the triangle pattern, Wave C is likely to terminate near major support levels (~$7.50-$6).
Implications for Wave (3):
Once Wave (2) concludes, a powerful impulsive Wave (3) is expected, with targets around:
$27-29 (161.8% extension).
~$40 (261.8% extension).
The triangle within Wave C suggests exhaustion of the bearish trend, setting the stage for a multi-year rally.
Based on Vale's goals in producing and expanding on their "energy transition" metals like nickel (currently the second largest nickel miner in the world) and copper, and the demand for EV batteries. It's likely that Vale will benefit.
This is a long projection so Vale will have to execute on all its timelines and goals for production capacity.
Best of luck all.
