ASX: NEWMONT CORPORATION - NEM Elliott Wave Technical Analysis

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.

ASX: NEWMONT CORPORATION - 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

ASX: NEWMONT CORPORATION - NEM 4-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)

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