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ASX: NEWMONT CORPORATION – NEM Elliott Wave Technical Analysis. Greetings, 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. 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 NEM four-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). NEM 1D chart (Semilog scale) analysis [Video] Source: https://www.fxstreet.com/news/nem-stock-analysis-and-elliott-wave-technical-forecast-video-202502130745

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Filed under: News - @ February 13, 2025 8:22 am