NEM Elliott Wave technical forecast [Video]
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NEM Elliott Wave technical analysis
Greetings, our latest Elliott Wave analysis focuses on NEWMONT CORPORATION - NEM listed on the Australian Stock Exchange (ASX). We currently see ASX:NEM advancing in a third wave. This report outlines specific target levels and the invalidation point, helping readers understand when the trend may shift or confirm a continued bullish scenario.
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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
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Details:
Wave ii) - orange likely ended at the 74.25 low as a zigzag correction labeled a,b,c - grey. From that low, wave iii) - orange is progressing upwards, with a target near 100.00. -
Invalidation point: 74.25.
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Function: Major trend (Minor degree, grey).
-
Mode: Motive.
-
Structure: Impulse.
-
Position: Wave iii) - orange of Wave ((iii)) - navy of Wave 3 - grey.
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Details:
The analysis remains consistent with the 1D chart. Wave iii) - orange continues higher, targeting 100.00. In the short term, wave iii - grey is pushing upward, aiming for a near-term goal of 90.00. -
Invalidation Point: 74.25.
Conclusion:
This analysis delivers a contextual and short-term outlook on ASX: NEWMONT CORPORATION - NEM. By defining specific price validation and invalidation levels, it empowers traders with actionable data. Our method combines technical clarity with professional objectivity, aimed at maximizing trading effectiveness.
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.
