ASX: NEWMONT CORPORATION (NEM) Elliott Wave Technical Analysis - TradingLounge
Greetings,
Today's Elliott Wave analysis focuses on Newmont Corporation (NEM) listed on the Australian Stock Exchange (ASX). The stock is currently in the final phase of a corrective wave, which could create a potential bullish trading opportunity for those monitoring ASX:NEM.
ASX: NEWMONT CORPORATION (NEM) Elliott Wave Technical Analysis
1D Chart (Semilog Scale) Analysis
Function: Major Trend (Intermediate Degree, Orange)
Mode: Motive
Structure: Impulse
Position: Wave C (Grey) of Wave (2) - Orange
Details:
- The Elliott Wave count has been refined to improve accuracy.
- Wave (2) - Orange continues its Zigzag formation (A-B-C, Grey), potentially extending longer than expected.
- Wave B - Grey has recently concluded, with Wave C - Grey now trending downward, potentially reaching lower support levels.
- Key Invalidation Point: 77.00
ASX: NEWMONT CORPORATION (NEM) Elliott Wave Technical Analysis - TradingLounge
4-Hour Chart Analysis
Function: Major Trend (Minor Degree, Grey)
Mode: Motive
Structure: Impulse
Position: Wave ((ii)) (Navy) of Wave C - Grey of Wave (2) - Orange
Details:
- Since 77.00, Wave C - Grey has been forming a Five-Wave pattern on the downside.
- Wave ((i)) - Navy appears to be completed.
- Wave ((ii)) - Navy is now retracing higher, targeting the 0.5 - 0.618 Fibonacci levels.
- Once this retracement is completed, Wave ((iii)) - Navy is expected to resume its downward move.
- Key Invalidation Point: 70.00
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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Conclusion
Our Elliott Wave analysis for ASX: NEWMONT CORPORATION (NEM) provides key insights into current market trends and potential trading opportunities. By identifying critical price levels and validation/invalidation points, traders can enhance their confidence in the wave structure projections. This analysis delivers a data-driven and professional outlook on price movements, ensuring an objective perspective on ASX:NEM trading strategies.