Newmont Corporation – NEM analysis and Elliott Eave technical forecast [Video]

 NEM Elliott Wave technical analysis

Today's Elliott Wave update focuses on the Australian Stock Exchange (ASX) listing for NEWMONT CORPORATION – NEM. We identify a bullish trend, with ASX:NEM currently progressing through Wave 3. This report highlights the potential targets and invalidation points to clarify where the bullish momentum remains intact and where the trend may end.

One-day chart analysis (semilog scale)

• Function: Primary trend (Minor degree, grey).

• Mode: Motive.

• Structure: Impulse.

• Position: Wave iii) orange within Wave iii) navy of Wave 3 grey.

• Details:
  Wave ii) orange likely completed at the 74.25 low as a zigzag correction (a-b-c in grey). Since then, Wave iii) orange has been moving upward with a projected target near 100.00.

• Invalidation point: 74.25.

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Elliott Wave technical analysis four-hour chart

• Function: Primary trend (Minor degree, grey).

• Mode: Motive.

• Structure: Impulse.

• Position: Wave iii) orange within Wave ((iii)) navy of Wave 3 grey.

• Details:
  The 4-hour chart confirms the ongoing upward move of Wave iii) orange. The medium-term target remains 100.00, with a short-term target near 90.00 for Wave iii grey.

• Invalidation point: 74.25.

Conclusion

Our analysis presents a well-structured forecast for ASX:NEM, providing readers with crucial insights into trend continuation and momentum confirmation. The targets and invalidation levels offer precise trading cues, aiming to improve forecast reliability. Our method delivers a clear, professional outlook for navigating the current market structure.

Newmont Corporation – NEM analysis and Elliott Wave technical forecast [Video]