NEM Elliott Wave technical forecast [Video]
|![NEM Elliott Wave technical forecast [Video]](https://editorial.fxsstatic.com/images/i/General-Stocks_1_Small.png)
NEM Elliott Wave technical analysis
Today's Elliott Wave analysis focuses on the Australian Stock Exchange (ASX) stock NEWMONT CORPORATION (NEM). Our analysis identifies an upside potential in ASX:NEM shares and provides key price levels to monitor for potential trend shifts.
NEWMONT CORPORATION (NEM) – Elliott Wave Technical Analysis (1D Chart - Semilog Scale).
-
Function: Major trend (Intermediate degree, orange).
-
Mode: Motive.
-
Structure: Impulse.
-
Position: Wave 2 - grey of Wave (3) - orange.
Details:
Wave (2) - orange appears to have completed a Zigzag correction around 58.92, signaling a potential move toward Wave (3) - orange. If this scenario plays out, Wave (3) - orange is likely extending into wave 1,2 - grey. Once Wave 2 - grey completes, we will look for confirmation of renewed bullish momentum leading into Wave 3 - grey.
-
Invalidation point: 58.92.
NEWMONT CORPORATION (NEM) – Elliott Wave technical analysis (Four-hour chart)
-
Function: Major trend (Minor degree, grey).
-
Mode: Motive.
-
Structure: Impulse.
-
Position: Wave ((a)) - navy of Wave 2 - grey.
Details:
A closer look at ASX:NEM reveals that Wave 1 - grey has completed at 59.92, and the price is currently forming Wave 2 - grey. This corrective move is developing into a Zigzag labeled ((a))((b))((c)) - navy, with a projected decline toward 65.18 - 62.31.
Once Wave 2 - grey ends, potential long entry points will emerge, particularly at the completion of Wave ((b)) - navy, leading into Wave 3 - grey. However, if the price falls below 62.31, caution is advised as the forecast's reliability weakens, requiring a reassessment of market conditions.
-
Invalidation point: 58.92.
Conclusion
Our Elliott Wave analysis of NEWMONT CORPORATION (NEM) on ASX highlights potential price movements and key validation/invalidation levels. By identifying support and resistance zones, traders can leverage these insights to refine their strategies. The provided wave count and price projections serve to enhance confidence in trend direction while offering a professional and data-driven perspective.
Technical analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
NEM Elliott Wave technical analysis [Video]
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.