NEM Elliott Wave technical forecast [Video]
|NEM Elliott Wave technical analysis
Today’s Elliott Wave update focuses on the Australian Stock Exchange (ASX) listed NEWMONT CORPORATION – NEM.
We identify long-term upward potential in ASX:NEM shares, supported by our wave analysis.
-
Function: Major Trend (Intermediate degree, orange).
-
Mode: Motive.
-
Structure: Impulse.
-
Position: Wave 3-grey of Wave (3)-orange.
Analysis summary:
Wave (2)-orange concluded near the low of 58.92. Now, wave (3)-orange is forming, targeting higher price levels. Within this, wave 1-grey has already completed, and wave 2-grey likely has too. The focus shifts to wave 3-grey which is now expected to push toward the 100.00 level.
-
Invalidation Point: 66.39.
NEM Elliott Wave technical analysis
-
Function: Major Trend (Minor degree, grey).
-
Mode: Motive.
-
Structure: Impulse.
-
Position: Wave ((i))-navy of Wave 3-grey.
Detailed view:
From the level of 66.39, wave ((i))-navy is nearing completion. After this, wave ((ii))-navy is expected to correct lower in an ABC pattern. Following that, wave ((iii))-navy should resume the upward trend.
-
Invalidation point: 66.39.
Conclusion:
This analysis gives a structured forecast of market trends for ASX: NEWMONT CORPORATION – NEM. It offers clear price levels for validation or invalidation of the wave count, adding confidence to the projected outlook. Our aim is to present objective, data-driven insight to help traders identify potential market opportunities.
Technical analyst: Hua (Shane) Cuong, CEWA-M.
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.