ASX: NEWMONT CORPORATION – NEM Elliott Wave Technical Analysis – TradingLounge

Greetings,
Today’s Elliott Wave update focuses on the Australian Stock Exchange (ASX) listed NEWMONT CORPORATION – NEM.

We identify long-term upward potential in ASX:NEM shares, supported by our wave analysis.

ASX: NEWMONT CORPORATION – NEM

1D Chart (Semilog Scale) Analysis

• Function: Major Trend (Intermediate degree, orange)
• Mode: Motive
• Structure: Impulse
• Position: Wave 3-grey of Wave (3)-orange

Analysis Summary:
Wave (2)-orange concluded near the low of 58.92. Now, wave (3)-orange is forming, targeting higher price levels. Within this, wave 1-grey has already completed, and wave 2-grey likely has too. The focus shifts to wave 3-grey which is now expected to push toward the 100.00 level.

• Invalidation Point: 66.39

ASX: NEWMONT CORPORATION – NEM

Elliott Wave Technical Analysis – TradingLounge (4-Hour Chart)

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

Detailed View:
From the level of 66.39, wave ((i))-navy is nearing completion. After this, wave ((ii))-navy is expected to correct lower in an ABC pattern. Following that, wave ((iii))-navy should resume the upward trend.

• Invalidation Point: 66.39

Conclusion:

This analysis gives a structured forecast of market trends for ASX: NEWMONT CORPORATION – NEM. It offers clear price levels for validation or invalidation of the wave count, adding confidence to the projected outlook. Our aim is to present objective, data-driven insight to help traders identify potential market opportunities.

Technical Analyst: Hua (Shane) Cuong, CEWA-M

More By This Author:

Elliott Wave Technical Review: Cardano Crypto Price News For Thursday, April 3
Technical Analysis, S&P 500, Nasdaq 100, DAX 40, FTSE 100, ASX 200
VanEck Gold Miners ETF GDX – Elliott Wave Technical Analysis