NEM Elliott Wave technical forecast [Video]

Peter Mathers TradingLounge

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]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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