ASX: NEWMONT CORPORATION - NEM Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)
Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with NEWMONT CORPORATION - NEM. We see that wave ((iv))-green appears to be nearing completion, and following that wave ((v))-green could return to push higher.
ASX: NEM Elliott Wave technical analysis
Function: Major trend (Minute degree, green).
Mode: Motive.
Structure: ImpulsePosition: Wave (c)-purple of Wave ((iv))-green.
Details: The short-term outlook indicates that wave (iv)-purple has ended sooner than expected, and wave (v)-purple is unfolding to push higher. Now, waves i and ii-blue have just completed, and wave iii-blue is unfolding to push higher, targeting 69.81. It is essential for the price to remain above 63.66 to maintain this outlook.
Invalidation point: 53.22.
ASX: NEM four-hour chart analysis
Function: Major trend (Minute degree, green).
Mode: Motive.
Structure: Impulse.
Position: Wave (c)-purple of Wave ((iv))-green.
Details: The shorter-term outlook indicates that wave ((iv))-green appears to be unfolding as a Flat pattern. Waves (a) and (b)-purple have completed, and now wave (c)-purple is unfolding to push slightly lower, potentially finding support around 61.48. After that, wave ((v))-green can resume to push higher.
Invalidation point: 53.22.
Conclusion
Our analysis, forecast of contextual trends, and short-term outlook for ASX: NEWMONT CORPORATION - NEM aim to provide readers with insights into the current market trends and how to capitalize on them effectively. We offer specific price points that act as validation or invalidation signals for our wave count, enhancing the confidence in our perspective. By combining these factors, we strive to offer readers the most objective and professional perspective on market trends.
Newmont Corporation Elliott Wave technical forecast [Video]
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