NEM Elliott Wave technical forecast [Video]

Peter Mathers TradingLounge

NEM Elliott Wave technical analysis – TradingLounge

Today’s Elliott Wave analysis focuses on the Australian Stock Exchange (ASX) and the performance of Newmont Corporation (NEM). Our assessment highlights the long-term upside potential in ASX:NEM shares, which we will outline in detail.

ASX: NEWMONT CORPORATION (NEM) Elliott Wave technical analysis – 1D chart (Semilog scale)

Function: Major Trend (Intermediate Degree, Orange).
Mode: Motive.
Structure: Impulse.
Position: Wave 3-Grey of Wave (3)-Orange.

Analysis details:

The wave count has been updated from the previous week to enhance probability. The correction Wave (2)-Orange has completed at the low of 58.92, leading to the emergence of Wave (3)-Orange, which is developing upward.

The subwaves indicate that Wave 1-Grey has completed.
Wave 2-Grey is likely complete, preparing for the next upward movement.
Wave 3-Grey is now expected to push higher, targeting the 100.00 price level.

Invalidation point: 66.39.

ASX: NEWMONT CORPORATION (NEM) Four-hour chart analysis

Function: Major Trend (Minor Degree, Grey).
Mode: Motive.
Structure: Impulse.
Position: Wave ((i))-Navy of Wave 3-Grey.

Analysis details:

Taking a closer look at the 4-hour chart, we observe:

Wave ((i))-Navy is nearing completion from the 66.39 level.
A brief pullback in Wave ((ii))-Navy is expected, likely forming an ABC correction.
Once completed, Wave ((iii))-Navy is projected to move significantly higher.

Invalidation point: 66.39.

Conclusion:

Our Elliott Wave analysis provides both contextual trend forecasts and short-term outlooks for ASX:NEM. By identifying key price levels for validation and invalidation, we enhance confidence in our wave count.

This strategic approach helps traders capitalize on market trends effectively, ensuring an objective and professional perspective on trading opportunities.

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

NEM Elliott Wave technical analysis – TradingLounge [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.

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