NEM Elliott Wave technical forecast [Video]
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NEM Elliott Wave technical analysis
Today’s Elliott Wave update focuses on the Australian Stock Exchange (ASX) listed stock NEWMONT CORPORATION – NEM.
We observe ASX:NEM trending upward within wave three. This analysis outlines specific target levels and invalidation points to help determine whether the bullish trend remains valid or ends.
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Function: Major Trend (Minor Degree, Grey).
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Mode: Motive.
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Structure: Impulse.
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Position: Wave iii) – orange of Wave iii)) – navy of Wave 3 – grey.
Details:
The wave ii) – orange likely concluded at 74.25, forming a zigzag pattern (a, b, c – grey). From this low, wave iii) – orange has started moving up and is targeting a high near 100.00.
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Invalidation point: 74.25.
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Function: Major Trend (Minor Degree, Grey).
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Mode: Motive.
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Structure: Impulse.
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Position: Wave iii) – orange of Wave ((iii)) – navy of Wave 3 – grey.
Details:
No changes from the daily chart view: wave iii) – orange continues to climb, aiming for 100.00. In the short term, wave iii – grey is pushing higher with a nearer target of 90.00.
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Invalidation point: 77.39
Conclusion:
Our Elliott Wave analysis on ASX:NEM provides a comprehensive look into both medium and short-term market trends. We include clear price targets and invalidation levels, reinforcing our forecast’s reliability. This approach offers traders an objective and structured outlook on current market conditions.
Technical analyst
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.
