NEM Elliott Wave technical forecast [Video]

NEM Elliott Wave technical analysis

Today's Elliott Wave analysis provides an updated outlook on the Australian Stock Exchange (ASX) NEWMONT CORPORATION - NEM.

Our perspective suggests that ASX:NEM holds strong long-term bullish potential, currently unfolding in the third wave of the third wave. This analysis highlights key price levels and optimal trading strategies using a scientific, visual-based approach to confirm trends.

NEM one-day chart (Semilog scale) analysis

• Function: Major trend (Intermediate degree, orange).

• Mode: Motive.

• Structure: Impulse.

• Position: Wave 1 - grey of Wave (3) - orange.

Details:

• Wave (2) - orange appears to have ended at 58.92, potentially marking the beginning of wave (3) - orange, which is likely to extend higher.

• The structure suggests an Extended Wave, with wave 1 - grey nearing completion before a minor push higher.

• Once wave 1 - grey concludes, wave 2 - grey will likely unfold, setting up an opportunity for long trade positions.

• Invalidation Point: 58.92

NEM four-hour chart analysis

• Function: Major trend (Minute degree, navy).

• Mode: Motive.

• Structure: Impulse.

• Position: Wave ((v)) - navy of Wave 1 - grey.

Details:

• From the 58.92 low, the development of wave 1 - grey is nearly complete, showing a clear five-wave pattern from wave ((ii)) - navy to wave ((v)) - navy.

• The next expectation is a decline with wave 2, allowing traders to wait for a price push above wave ((b)) - navy of wave 2 - grey before considering a long trade setup.

• Invalidation point: 58.92

• Key point: End of Wave ((b)) - navy

Conclusion:

Our analysis presents a strategic trading forecast for ASX: NEWMONT CORPORATION - NEM, helping traders capitalize on current market conditions. By identifying key validation and invalidation price levels, we enhance the confidence in our Elliott Wave projections.

With this objective, data-driven approach, our goal is to offer insights into contextual market trends and effective trading opportunities for traders.

Technical analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).

NEM Elliott Wave technical forecast [Video]