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NEMElliott Wave technical analysis
Today’s Elliott Wave update focuses on the Australian Stock Exchange (ASX) listedNEWMONT CORPORATION – NEM.
We identify long-term upward potential inASX:NEMshares, supported by our wave 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 3-grey of Wave (3)-orange.
Analysis summary:
Wave (2)-orange concluded near the low of58.92. Now, wave (3)-orange is forming, targeting higher price levels. Within this, wave 1-grey has already completed, and wave 2-grey likely has too. The focus shifts to wave 3-grey which is now expected to push toward the100.00level.
NEMElliott Wavetechnical 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 ((i))-navy of Wave 3-grey.
Detailed view:
From the level of66.39, wave ((i))-navy is nearing completion. After this, wave ((ii))-navy is expected to correct lower in an ABC pattern. Following that, wave ((iii))-navy should resume the upward trend.
Conclusion:
This analysis gives a structured forecast of market trends forASX: NEWMONT CORPORATION – NEM. It offers clear price levels for validation or invalidation of the wave count, adding confidence to the projected outlook. Our aim is to present objective, data-driven insight to help traders identify potential market opportunities.
Technical analyst:Hua (Shane) Cuong, CEWA-M.
NEMElliott Wave technical analysis [Video]
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