NEM Elliott Wave technical analysis
This Elliott Wave update focuses on Newmont Corporation (ASX:NEM). Based on our latest analysis, the stock is progressing in Wave 3, suggesting continued upside momentum. This forecast outlines detailed price targets and key invalidation points to help assess the bullish trend's strength.
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Function: Major trend (Intermediate degree, orange).
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Mode: Motive.
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Structure: Impulse.
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Position: Wave 3 - grey of Wave (3) - orange.
Details:
Wave (2) - orange completed around 58.92, and Wave (3) - orange is now pushing upward. This impulse structure is subdividing into Wave 1 - grey, Wave 2 - grey, and now Wave 3 - grey, which is actively advancing. The near-term price target is $100.00, and the extended target lies around $102.37.
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Invalidation point: 68.11.
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Function: Major trend (Minor degree, grey).
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Mode: Motive.
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Structure: Impulse.
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Position: Wave ((iii)) - navy of Wave 3 - grey.
Details:
From the 58.92 level, Wave (3) - orange is actively unfolding. Within this wave, Wave ((iii)) - navy is currently progressing and targeting the $102.37 mark. To maintain this bullish scenario, the price must remain above $79.00, ensuring Wave ((iv)) - navy does not overlap with Wave ((i)) - navy.
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Invalidation point: 79.00.
Conclusion:
This forecast for ASX: NEWMONT CORPORATION – NEM provides both contextual trend analysis and short-term price movement expectations. Specific validation and invalidation levels help enhance the reliability of this Elliott Wave count. With these insights, readers can better navigate the current market phase and identify potential trading opportunities with increased confidence.
Technical analyst: Hua (Shane) Cuong, CEWA-M.
NEM Elliott Wave technical analysis [Video]
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