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ASX: NEM Elliott Wave technical analysis
Today’s Elliott Wave analysis covers the Australian Stock Exchange listing NEWMONT CORPORATION – NEM. We observe ASX:NEM moving higher as part of wave three. This report outlines target zones and invalidation levels, helping traders understand when the bullish trend remains valid and when to reassess.
One-day chart (semilog scale)
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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 c – grey of Wave ii) – orange of Wave iii) – navy of Wave 3 – grey.
Details:
Wave ii) – orange was previously expected to conclude last week, but it has extended, forming a clearer zigzag labeled a, b, c – grey. We now anticipate this decline to reach near 75.37, completing wave ii) – orange. From there, wave iii) – orange should begin its ascent. A break above 85.21 would support the bullish case.
Invalidation point: 68.11.
Four-hour chart 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) – orange of Wave ((iii)) – navy of Wave 3 – grey.
Details:
The 4-hour chart mirrors the daily chart closely. The bullish confirmation remains a clear break above 85.21, while the invalidation level is held at 68.11. These levels are crucial for validating the Elliott Wave count.
Invalidation Point: 68.11.
Confirmation Point: 85.21.
Conclusion:
Our analysis of ASX: NEWMONT CORPORATION – NEM highlights both the broader trend and short-term scenarios using Elliott Wave principles. The clearly defined price levels act as markers for confirming or invalidating the current wave count. This structured approach enhances confidence in identifying high-probability opportunities.