NEM Elliott Wave technical forecast [Video]

NEM Elliott Wave technical analysis

Today’s Elliott Wave update looks at Newmont Corporation (ASX: NEM) on the daily chart. The current upward move appears to be part of a Wave Three rally. We’ll explain the target price levels and invalidation points to help determine whether the bullish trend continues or ends.

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

• Mode: Motive.

• Structure: Impulse.

• Position: Wave iii) - orange of Wave iii)) - navy of Wave 3 - grey.

Analysis:

Wave ii) - orange likely completed near 74.25, forming a zigzag correction. After this low, Wave iii) - orange is pushing upward, targeting around 100.00.

Invalidation point: 74.25.

NEM Elliott Wave technical analysis

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

• Mode: Motive.

• Structure: Impulse.

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

Short-term view:

The 4-hour chart aligns with the daily. Wave iii) - orange continues rising. Immediate target is 90.00, with a medium-term goal of 100.00.

Invalidation point: 74.25.

Conclusion

This analysis of ASX: NEM offers both a broad market view and short-term trading insight. Key price levels highlight where the trend is valid or invalid. This approach improves decision-making confidence and helps traders navigate market movements with a structured strategy.

NEM Elliott Wave technical analysis [Video]