As the largest gold mining company globally, Newmont Corporation (NEM) plays a prominent role in the precious metals sector, with additional exposure to copper, silver, zinc, and lead production. Historically, its share price has responded closely to shifts in the economic landscape and sentiment toward gold, and the current Elliott Wave pattern points to the potential for further upside in the coming cycles.
Newmont Monthly Elliott Wave Chart
Newmont Mining maintains a bullish Elliott Wave profile, supported by multiple layers of impulsive nesting across higher degrees. After completing Wave ((I)) at $81.92, the stock entered a deep Wave ((II)) correction that ended at $12.75. The subsequent rally marks the continuation of a larger Wave ((III)) advance.
Within this bullish structure, Wave (I) rallied to $62.72 before Wave (II) corrected to $15.39. The stock then established another impulsive sequence, with Wave I terminating at $86.37 and Wave II finishing at $29.42. From there, Wave III strengthened to $135.29. The ongoing Wave IV pullback is expected to remain corrective in nature, likely unfolding in a 3- or 7-swing pattern before buyers regain control and drive prices higher.
Newmont Daily Elliott Wave Chart
The daily chart of Newmont Mining reveals a well-defined five-wave advance from the February 2024 low. Wave ((1)) rallied to $58.72 before Wave ((2)) corrected to $37. The stock then staged a powerful Wave ((3)) advance to $134.88. It was then followed by a Wave ((4)) pullback that likely concluded near $88.75. A final push higher in Wave ((5)) reached $135.02, completing the larger-degree Wave III sequence. With that advance now in place, NEM appears to be working through a higher-degree Wave IV correction. The pullback should unfold in a corrective 3- or 7-swing pattern before another leg higher develops.
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