NEM Elliott Wave technical forecast [Video]
|NEM Elliott Wave technical analysis
Today’s Elliott Wave analysis focuses on the Australian Stock Exchange’s listing of Newmont Corporation (ASX: NEM). We observe the stock advancing in a strong third wave. This technical forecast outlines key targets and identifies invalidation points that signal either the continuation or end of the current bullish trend.
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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) orange of Wave iii)) navy of Wave 3 grey.
Details:
Wave ii) (orange) likely concluded at 74.25 after a classic zigzag (a-b-c, grey). Following that low, wave iii) (orange) began an upward movement, aiming for a projected target of approximately 100.00.
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Invalidation point: 74.25
NEM Elliott Wave technical analysis
This section reinforces the 1D analysis. The 4-hour chart shows consistency with the daily chart as wave iii) (orange) continues upward. Our immediate focus is the short-term movement of wave iii (grey) targeting 90.00, before it moves toward the longer-term 100.00.
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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) orange of Wave ((iii)) navy of Wave 3 grey.
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Invalidation Point: 74.25.
Conclusion
This technical outlook for ASX: NEWMONT CORPORATION (NEM) provides insights into the current price action and strategic entry/exit levels. Key validation points help confirm wave progression, boosting analysis confidence. By delivering objective wave-based forecasts, our goal is to help traders recognize opportunities aligned with larger trend patterns.
NEM Elliott Wave technical analysis [Video]
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