Newmont Corporation – NEM analysis and Elliott Wave technical forecast [Video]

ASX: NEM Elliott Wave technical analysis

Today's Elliott Wave analysis covers the Australian Stock Exchange listing NEWMONT CORPORATION – NEM. We observe ASX:NEM moving higher as part of wave three. This report outlines target zones and invalidation levels, helping traders understand when the bullish trend remains valid and when to reassess.

One-day chart (semilog scale)

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

• Mode: Motive.

• Structure: Impulse.

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

Details:

Wave ii) - orange was previously expected to conclude last week, but it has extended, forming a clearer zigzag labeled a, b, c - grey. We now anticipate this decline to reach near 75.37, completing wave ii) - orange. From there, wave iii) - orange should begin its ascent. A break above 85.21 would support the bullish case.

Invalidation point: 68.11.

Four-hour chart analysis

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

• Mode: Motive.

• Structure: Impulse.

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

Details:

The 4-hour chart mirrors the daily chart closely. The bullish confirmation remains a clear break above 85.21, while the invalidation level is held at 68.11. These levels are crucial for validating the Elliott Wave count.

Invalidation Point: 68.11.

Confirmation Point: 85.21.

Conclusion:

Our analysis of ASX: NEWMONT CORPORATION – NEM highlights both the broader trend and short-term scenarios using Elliott Wave principles. The clearly defined price levels act as markers for confirming or invalidating the current wave count. This structured approach enhances confidence in identifying high-probability opportunities.

Newmont Corporation – NEM analysis and Elliott Wave technical forecast [Video]