ASX: NEWMONT CORPORATION - NEM Elliott Wave Technical Analysis TradingLounge (1D Chart)
Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with NEWMONT CORPORATION - NEM. We have determined that NEM is likely to continue to rise even higher with wave (v)-purple.
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-blue of Wave (v)-purple
Details: The short-term outlook indicates that wave (iv)-purple has ended sooner than expected, and wave (v)-purple is unfolding to push higher. Now, waves i and ii-blue have just completed, and wave iii-blue is unfolding to push higher, targeting 69.81. It is essential for the price to remain above 63.66 to maintain this outlook.
Invalidation point: 63.66
ASX: NEWMONT CORPORATION - NEM Elliott Wave 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 ((1))-red of Wave iii-blue of Wave (v)-purple of Wave ((iii))-green
Details: An even shorter-term outlook shows that wave (v)-purple is unfolding to push higher. It is subdividing into waves i and ii-blue, which have just completed. Now, wave iii-blue is beginning to unfold to push higher. This wave iii-blue is subdividing into wave ((1))-red, and wave ((2))-red might unfold next, setting the stage for wave ((3))-red to continue pushing higher, targeting 69.81 - 70.00.
Invalidation point: 63.66
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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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 the confidence in our perspective. By combining these factors, we strive to offer readers the most objective and professional perspective on market trends.