ASX: NEWMONT CORPORATION - NEM
Elliott Wave Technical Analysis | TradingLounge
Greetings,

Today's Elliott Wave analysis focuses on the Australian Stock Exchange (ASX) listing of Newmont Corporation - NEM.
Our analysis indicates that ASX:NEM is advancing in wave three.
This report provides detailed target points and invalidation levels, helping traders determine when the bullish trend is valid or at risk.

ASX: NEWMONT CORPORATION - NEM
Elliott Wave Technical Analysis | 1D Chart (Semilog Scale)
Function: Major trend (Intermediate degree, orange)

Mode: Motive

Structure: Impulse

Position: Wave 3 - grey of Wave (3) - orange

Details:
Wave 2 (orange) completed around the low of 58.92.
Wave 3 (orange) has begun a significant upward movement.
This move is subdividing internally into wave 1 - grey, wave 2 - grey, and currently wave 3 - grey is progressing higher, aiming towards 102.37.
The target level for wave 3 - grey is set around 100.00.

Invalidation Point: 79.66

ASX: NEWMONT CORPORATION - NEM
4-Hour Chart Analysis
Function: Major trend (Minor degree, grey)

Mode: Motive

Structure: Impulse

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

Details:
Since the 58.92 low, wave 3 (orange) has been developing, moving higher.
Currently, wave iii) (navy) is unfolding within this move, targeting the 100.00 level.
The current price action must stay above 79.66 to maintain the bullish view.
In the shorter term, wave iii) (orange) has been advancing from the 79.66 low, heading towards the 100.00 target.

Invalidation Point: 79.66

Conclusion
Our forecast and short-term outlook for ASX: NEWMONT CORPORATION - NEM aim to offer readers actionable insights into prevailing market trends.
We highlight specific price points as validation or invalidation signals for the Elliott Wave count, enhancing the reliability of our perspective.
By integrating these insights, we deliver a clear and professional overview of market movements.

Technical Analyst: Hua (Shane) Cuong, Certified Elliott Wave Analyst - Master (CEWA-M)

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