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’s listing of Newmont Corporation (ASX: NEM). We observe the stock advancing in a strong third wave. This technical forecast outlines key targets and identifies invalidation points that signal either the continuation or end of the current bullish trend.

Function: Major trend (Minor degree, grey).
Mode: Motive.
Structure: Impulse.
Position: Wave iii) orange of Wave iii)) navy of Wave 3 grey.

Details:

Wave ii) (orange) likely concluded at 74.25 after a classic zigzag (a-b-c, grey). Following that low, wave iii) (orange) began an upward movement, aiming for a projected target of approximately 100.00.

Invalidation point: 74.25

NEM Elliott Wave technical analysis

This section reinforces the 1D analysis. The 4-hour chart shows consistency with the daily chart as wave iii) (orange) continues upward. Our immediate focus is the short-term movement of wave iii (grey) targeting 90.00, before it moves toward the longer-term 100.00.

Function: Major trend (Minor degree, grey).
Mode: Motive.
Structure: Impulse.
Position: Wave iii) orange of Wave ((iii)) navy of Wave 3 grey.
Invalidation Point: 74.25.

Conclusion

This technical outlook for ASX: NEWMONT CORPORATION (NEM) provides insights into the current price action and strategic entry/exit levels. Key validation points help confirm wave progression, boosting analysis confidence. By delivering objective wave-based forecasts, our goal is to help traders recognize opportunities aligned with larger trend patterns.

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.

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