Elliott Wave view: Newmont (NEM) targets fresh record highs

Newmont Mining (NEM), officially Newmont Corporation, is the world’s largest gold mining company and a leading producer of copper, silver, zinc, and lead, headquartered in Denver, Colorado.

Its price movements have consistently mirrored broader macroeconomic cycles and shifts in investor sentiment toward gold, while the Elliott Wave structure underscores the potential for sustained bullish momentum.

Newmont monthly Elliott Wave chart

Newmont Mining (NEM) is exhibiting a nested impulsive Elliott Wave structure that supports a bullish outlook over the months and years ahead. Wave ((I)) concluded at $81.92, followed by a corrective decline in Wave ((II)) that bottomed at $12.75. The advance in Wave ((III)) is now underway, unfolding with internal subdivisions as an impulse. From the low of Wave ((II)), Wave (I) terminated at $62.72, while the subsequent pullback in Wave (II) ended at $15.39. The stock then nested higher within Wave (III), with Wave I completing at $86.37 and Wave II correcting to $29.42. As long as price action remains above $15.39, the structure favors continued upside, with any dips likely to be corrective within the broader bullish cycle.

Newmont daily Elliott Wave chart

The daily Elliott Wave analysis of Newmont Mining (NEM) highlights an impulsive structure unfolding from the February 1, 2024 low. From that point, Wave ((1)) advanced to $58.72, followed by a corrective pullback in Wave ((2)) that bottomed at $37. The stock then resumed higher in Wave ((3)), reaching $134.88, before a proposed completion of Wave ((4)) at $88.75. As long as price action holds above $37, the structure favors continued upside, with any dips expected to unfold in either three or seven swings as part of the broader bullish cycle.