ASX: NEWMONT CORPORATION – NEM Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)
Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with NEWMONT CORPORATION – NEM. In our Top 50 ASX Stocks analysis service, we accurately forecasted the opportunity for NEM to rise from around AUD $53.50, and significant profits have since been realized. At this point, we still maintain our previous outlook for NEM to continue pushing higher, aiming for the immediate target at 63.51.
ASX: NEWMONT CORPORATION – NEM Elliott Wave Technical Analysis
ASX: NEWMONT CORPORATION – NEM 1D Chart (Semilog Scale) Analysis
Function: Major trend (Minute degree, green)
Mode: Motive
Structure: Impulse
Position: Wave ((iii))-green
Last Forecast: The most recent forecast was correct.
Details: The context suggests that a Five-waves pattern is seemingly unfolding from the low at 45.30, allowing NEM to rise further. Wave ((i))-green has peaked, and wave ((ii))-green has opened, while wave ((iii))-green appears poised to rise higher towards the target at 63.51 and prices consistently remaining above the low at 50.80,
Invalidation point: 45.30
ASX: NEWMONT CORPORATION – NEM Elliott Wave Technical Analysis TradingLounge (4-Hour Chart)
ASX: NEWMONT CORPORATION – NEM Elliott Wave Technical Analysis
ASX: NEWMONT CORPORATION – NEM 4-Hour Chart Analysis
Function: Major trend (Minute degree, green)
Mode: Motive
Structure: Impulse
Position: Wave (iii)-purple of Wave ((iii))-green
Last Forecast: The most recent forecast was correct.
Details: The short-term outlook further indicates that wave ((iii))-green has opened up and is pushing higher towards the target at 63.51. It subdivides into waves (i)-purple to (iii)-purple, while the price must remain above 56.46, as this is a potential support level for this upward trend. A decrease below this level suggests wave (iv) or ((iv)) is unfolding, followed by the return of wave five to continue pushing higher.
Invalidation point: 53.22
Conclusion:
Our analysis, forecast of contextual trends, and short-term outlook for ASX: NEWMONT CORPORATION – NEM aim to provide readers with insights into the current market trends and how to capitalize on them effectively. We offer specific price points that act as validation or invalidation signals for our wave count, enhancing confidence in our perspective. By combining these factors, we strive to offer readers the most objective and professional perspective on market trends.
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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