NEM Elliott Wave technical forecast [Video]

Peter Mathers TradingLounge

NEM Elliott Wave technical analysis

Today's Elliott Wave analysis focuses on the Australian Stock Exchange (ASX) stock NEWMONT CORPORATION (NEM). Our analysis identifies an upside potential in ASX:NEM shares and provides key price levels to monitor for potential trend shifts.

NEWMONT CORPORATION (NEM) – Elliott Wave Technical Analysis (1D Chart - Semilog Scale).

Function: Major trend (Intermediate degree, orange).
Mode: Motive.
Structure: Impulse.
Position: Wave 2 - grey of Wave (3) - orange.

Details:

Wave (2) - orange appears to have completed a Zigzag correction around 58.92, signaling a potential move toward Wave (3) - orange. If this scenario plays out, Wave (3) - orange is likely extending into wave 1,2 - grey. Once Wave 2 - grey completes, we will look for confirmation of renewed bullish momentum leading into Wave 3 - grey.

Invalidation point: 58.92.

NEWMONT CORPORATION (NEM) – Elliott Wave technical analysis (Four-hour chart)

Function: Major trend (Minor degree, grey).
Mode: Motive.
Structure: Impulse.
Position: Wave ((a)) - navy of Wave 2 - grey.

Details:

A closer look at ASX:NEM reveals that Wave 1 - grey has completed at 59.92, and the price is currently forming Wave 2 - grey. This corrective move is developing into a Zigzag labeled ((a))((b))((c)) - navy, with a projected decline toward 65.18 - 62.31.

Once Wave 2 - grey ends, potential long entry points will emerge, particularly at the completion of Wave ((b)) - navy, leading into Wave 3 - grey. However, if the price falls below 62.31, caution is advised as the forecast's reliability weakens, requiring a reassessment of market conditions.

Invalidation point: 58.92.

Conclusion

Our Elliott Wave analysis of NEWMONT CORPORATION (NEM) on ASX highlights potential price movements and key validation/invalidation levels. By identifying support and resistance zones, traders can leverage these insights to refine their strategies. The provided wave count and price projections serve to enhance confidence in trend direction while offering a professional and data-driven perspective.

Technical analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).

NEM Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

AUD/USD bulls regain control above 0.6950 amid USD retreat

AUD/USD regains traction and extends the previous day's bounce from the weekly low, aiming for 0.7000 in Asia on Friday. The overnight pullback in US bond yields keeps the US Dollar below an 18-month high, which in turn offers some support to the pair. Meanwhile, hawkish RBA expectations also keep the major underpinned.

USD/JPY holds gains near 158.00 after Japan's weak Household Spending data

USD/JPY clings to gains around 158.00 after data showed on Friday that Japan's Household Spending fell for the ninth straight month, undermining the Japanese Yen. Meanwhile, the US Dollar remains depressed as the overnight fall in US bond yields counters a hawkish Fed and geopolitical uncertainties, could cap any downside in the pair.

Gold remains range-bound below $4,200

Gold has given up some ground after an initial bullish attempt to reach weekly highs, returning to below the $4,200 mark per troy ounce on Friday. The US Dollar’s strong upside momentum, combined with rising US Treasury yields across the curve, seems to keep further gains in the yellow metal under scrutiny.

Ethereum activates Glamsterdam on Sepolia testnet: Why the price is falling anyway

Ethereum (ETH) has reached a key milestone in its next major network upgrade. The planned changes aim to improve Ethereum’s Layer 1 capacity and efficiency as network activity grows. The development comes as ETH retreats toward $2,500, highlighting the contrast between the network’s long-term technical progress and its short-term market weakness.

The Euro is not the sick man of Europe. France's bond market is

EUR/USD remains under pressure, near the 17-month low of 1.1161 reached on Monday. The pair has lost more than 7% since its yearly peak, as concerns over France's public finances increasingly weigh on the single currency. But behind the weakness of the Euro (EUR), the problem does not necessarily lie with the European economy as a whole.

The UK 30-year gilt just hit a 1998 high. Is that good or bad for the British Pound?

The yield on the UK's 30-year government bond, or gilt, went through 6% on October 1 for the first time since early 1998, and on Monday the Pound was at its strongest against the Euro since June 2025. The gilt market's 28-year high is mostly someone else's. Since early May, the 30-year gilt yield has risen about 0.15 of a percentage point and the US 30-year about 0.7.