NEM Elliott Wave technical forecast [Video]

NEM Elliott Wave technical overview

• Function: Major Trend.

• Degree: Intermediate (orange).

• Mode: Motive.

• Structure: Impulse.

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

Market insight:

Our latest Elliott Wave analysis for ASX:NEM highlights a rising trend under wave 3. The previous corrective wave 2 (orange) concluded near the $58.92 low. Currently, wave 3 (orange) is gaining strength and subdividing into wave 1 (grey), wave 2 (grey), and the active wave 3 (grey). This wave is now targeting highs around $100.00 and potentially up to $102.37.

• Invalidation level: $68.11.

NEM Elliott Wave technical overview

• Function: Major Trend.

• Degree: Minor (grey).

• Mode: Motive.

• Structure: Impulse.

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

Technical details:

From the $58.92 low, wave 3 (orange) continues to extend. The latest movement shows the development of wave ((iii)) (navy), eyeing the $102.37 target. For this bullish outlook to remain valid, the price should stay above $68.11. Another key level is $79.00, which must not be breached by any correction under wave ((iv)) navy, preserving the integrity of the ongoing uptrend.

• Invalidation levels: $68.11 and $79.00.

Conclusion

This forecast provides a comprehensive look into ASX:NEM’s market momentum using the Elliott Wave model. By marking key levels for invalidation and tracking wave formations, traders can gauge trend continuity and optimize entry points. Our objective is to deliver an accurate, structured view of price movements to support informed trading decisions.

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

NEM Elliott Wave technical overview [Video]