ASX: NEWMONT CORPORATION - NEM Elliott Wave Technical Analysis

TradingLounge (1D Chart)

Today’s Elliott Wave update looks at Newmont Corporation (ASX: NEM) on the daily chart. The current upward move appears to be part of a Wave Three rally. We’ll explain the target price levels and invalidation points to help determine whether the bullish trend continues or ends.

ASX: NEWMONT CORPORATION - NEM Elliott Wave Technical Analysis

1D Chart (Semilog Scale) Overview

• Function: Major trend (Minor degree, grey)
• Mode: Motive
• Structure: Impulse
• Position: Wave iii) - orange of Wave iii)) - navy of Wave 3 - grey

Analysis:
Wave ii) - orange likely completed near 74.25, forming a zigzag correction. After this low, Wave iii) - orange is pushing upward, targeting around 100.00.
Invalidation Point: 74.25

ASX: NEWMONT CORPORATION - NEM Elliott Wave Technical Analysis

TradingLounge (4-Hour Chart)

4-Hour Chart Summary

• Function: Major trend (Minor degree, grey)
• Mode: Motive
• Structure: Impulse
• Position: Wave iii) - orange of Wave ((iii)) - navy of Wave 3 - grey

Short-Term View:
The 4-hour chart aligns with the daily. Wave iii) - orange continues rising. Immediate target is 90.00, with a medium-term goal of 100.00.
Invalidation Point: 74.25

Conclusion

This analysis of ASX: NEM offers both a broad market view and short-term trading insight. Key price levels highlight where the trend is valid or invalid. This approach improves decision-making confidence and helps traders navigate market movements with a structured strategy.

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

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