NEM Elliott Wave technical analysis – TradingLounge
Today’s Elliott Wave analysis focuses on the Australian Stock Exchange (ASX) and the performance of Newmont Corporation (NEM). Our assessment highlights the long-term upside potential in ASX:NEM shares, which we will outline in detail.
ASX: NEWMONT CORPORATION (NEM) Elliott Wave technical analysis – 1D chart (Semilog scale)
-
Function: Major Trend (Intermediate Degree, Orange).
-
Mode: Motive.
-
Structure: Impulse.
-
Position: Wave 3-Grey of Wave (3)-Orange.
Analysis details:
The wave count has been updated from the previous week to enhance probability. The correction Wave (2)-Orange has completed at the low of 58.92, leading to the emergence of Wave (3)-Orange, which is developing upward.
-
The subwaves indicate that Wave 1-Grey has completed.
-
Wave 2-Grey is likely complete, preparing for the next upward movement.
-
Wave 3-Grey is now expected to push higher, targeting the 100.00 price level.
Invalidation point: 66.39.
ASX: NEWMONT CORPORATION (NEM) Four-hour chart analysis
-
Function: Major Trend (Minor Degree, Grey).
-
Mode: Motive.
-
Structure: Impulse.
-
Position: Wave ((i))-Navy of Wave 3-Grey.
Analysis details:
Taking a closer look at the 4-hour chart, we observe:
-
Wave ((i))-Navy is nearing completion from the 66.39 level.
-
A brief pullback in Wave ((ii))-Navy is expected, likely forming an ABC correction.
-
Once completed, Wave ((iii))-Navy is projected to move significantly higher.
Invalidation point: 66.39.
Conclusion:
Our Elliott Wave analysis provides both contextual trend forecasts and short-term outlooks for ASX:NEM. By identifying key price levels for validation and invalidation, we enhance confidence in our wave count.
This strategic approach helps traders capitalize on market trends effectively, ensuring an objective and professional perspective on trading opportunities.
Technical analyst: Hua (Shane) Cuong, CEWA-M (Master’s designation)
NEM Elliott Wave technical analysis – TradingLounge [Video]
As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.
Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.
Recommended content
Editors’ Picks
EUR/USD remains offered and challenges 1.0800
The intense recovery in the US Dollar keeps the price action in the risk complex depressed, forcing EUR/USD to recede further and put the key support at 1.0800 to the test on Friday.
GBP/USD breaks below 1.2900 on stronger Dollar
Persistent buying pressure on the Greenback has pushed GBP/USD to multi-day lows below the 1.2900 level, as investors continue to digest the recent interest rate decisions from both the Fed and the BoE.
Gold meets support around the $3,000 mark
The combined impact of a stronger US Dollar, continued profit taking, and the effects of Quadruple Witching weighed on Gold, pulling its troy ounce price down to around the pivotal $3,000 level on Friday.
US SEC Crypto Task Force to host the first-ever roundtable on crypto asset regulation
The US Securities and Exchange Commission (SEC) Crypto Task Force will host a series of roundtables to discuss key areas of interest in regulating crypto assets. The “Spring Sprint Toward Crypto Clarity” series’ first-ever roundtable begins on Friday.
Week ahead – Flash PMIs, US and UK inflation eyed as tariff war rumbles on
US PCE inflation up next, but will consumption data matter more? UK budget and CPI in focus after hawkish BoE decision. Euro turns to flash PMIs for bounce as rally runs out of steam. Inflation numbers out of Tokyo and Australia also on the agenda.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.