NEM Elliott Wave technical forecast [Video]

NEM Elliott Wave technical analysis

Today’s Elliott Wave update focuses on the Australian Stock Exchange (ASX) listed NEWMONT CORPORATION – NEM.

We identify long-term upward potential in ASX:NEM shares, supported by our wave analysis.

• Function: Major Trend (Intermediate degree, orange).

• Mode: Motive.

• Structure: Impulse.

• Position: Wave 3-grey of Wave (3)-orange.

Analysis summary:

Wave (2)-orange concluded near the low of 58.92. Now, wave (3)-orange is forming, targeting higher price levels. Within this, wave 1-grey has already completed, and wave 2-grey likely has too. The focus shifts to wave 3-grey which is now expected to push toward the 100.00 level.

• Invalidation Point: 66.39.

NEM Elliott Wave technical analysis

• Function: Major Trend (Minor degree, grey).

• Mode: Motive.

• Structure: Impulse.

• Position: Wave ((i))-navy of Wave 3-grey.

Detailed view:

From the level of 66.39, wave ((i))-navy is nearing completion. After this, wave ((ii))-navy is expected to correct lower in an ABC pattern. Following that, wave ((iii))-navy should resume the upward trend.

• Invalidation point: 66.39.

Conclusion:

This analysis gives a structured forecast of market trends for ASX: NEWMONT CORPORATION – NEM. It offers clear price levels for validation or invalidation of the wave count, adding confidence to the projected outlook. Our aim is to present objective, data-driven insight to help traders identify potential market opportunities.

Technical analyst: Hua (Shane) Cuong, CEWA-M.

NEM Elliott Wave technical analysis [Video]