ASX: NEWMONT CORPORATION – NEM Elliott Wave Technical Analysis.
Greetings,
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 1D 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 1D chart (Semilog scale) analysis [Video]
Source: https://www.fxstreet.com/news/nem-stock-analysis-and-elliott-wave-technical-forecast-video-202502130745