Today’s Elliott Wave analysis covers the Australian Stock Exchange (ASX) stock NEWMONT CORPORATION (NEM). A corrective wave is currently forming and entering its final phase, potentially opening a bullish opportunity for traders interested in ASX:NEM.
ASX: NEM Elliott Wave technical analysis
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Function: Major Trend (Intermediate Degree, Orange).
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Mode: Motive.
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Structure: Impulse.
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Position: Wave C (Grey) of Wave (2) – Orange.
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Details:
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The wave count has been adjusted to increase probability.
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Wave (2) – Orange may still be extending longer than anticipated, forming a Zigzag pattern labeled A, B, C – Grey.
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Wave B – Grey recently ended, and now Wave C – Grey is pushing lower, potentially reaching even lower price targets.
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Invalidation point: 77.00
ASX: NEM Elliott Wave technical analysis
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Function: Major Trend (Minor Degree, Grey).
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Mode: Motive.
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Structure: Impulse.
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Position: Wave ((ii)) (Navy) of Wave C – Grey of Wave (2) – Orange.
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Details:
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Looking more closely, since 77.00, Wave C – Grey has been moving lower in a Five-Wave pattern.
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Wave ((i)) – Navy may have just completed.
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Wave ((ii)) – Navy is now moving higher, targeting 0.5 – 0.618 retracement levels.
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After that, Wave ((iii)) – Navy is expected to resume a downward movement.
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Invalidation point: 70.00.
Conclusion
Our Elliott Wave analysis and forecast for ASX: NEWMONT CORPORATION (NEM) provide valuable insights into current market trends and trading opportunities. We highlight specific price levels that serve as validation or invalidation points for our wave counts, increasing confidence in our projections. By integrating these elements, we strive to offer an objective and professional outlook on market movements.
Newmont Corporation (NEM) Elliott Wave technical forecast [Video]
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