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Highlights:
Newmont Corporation (ASX:NEM) is currently developing within an impulsive wave structure as per Elliott Wave metrics
Current upward movement aligns with wave three advancement, maintaining above the invalidation reference
Price structure reflects a broader trend progression consistent with intermediate and minor wave formations
Newmont Corporation (ASX:NEM), a prominent entity in the gold mining sector, is tracked under the asx 200 and also forms part of the S&P/ASX All Ordinaries Index. The stock’s progression is currently monitored through an Elliott Wave framework, identifying its phase within a larger impulsive structure. Within this structure, the observed movement is part of a motive pattern, reflecting a development in a sustained upward sequence.
Daily Chart Structure and Intermediate Wave Development
On the one-day semilog scale, the stock is positioned within wave three of the intermediate degree, labelled orange in the Elliott Wave count. This phase follows the completion of wave two near a previous low and signals the onset of a directional movement upwards. The internal breakdown identifies sub-waves, with wave one and wave two already positioned, and wave three continuing its movement higher.
This internal segmentation aligns with a classical impulse structure where each move follows a five-wave subdivision. The behaviour of wave three grey, still in progress, reflects this format. The invalidation reference for the current setup is set at a level below the current price, offering a benchmark for the continuation of the existing trend pattern.
Short-Term Structure on Four-Hour Chart
On the four-hour chart, the wave progression is observed at a minor degree, indicating the presence of a smaller wave within the overall framework. The wave position falls within wave iii of a broader upward movement labelled as part of the navy structure. This segment has developed from a previous point and is now proceeding further within the impulse.
As the movement persists above a defined lower boundary, the wave count remains consistent with the anticipated structure. Each sub-movement within this configuration adheres to the core impulse principles. Wave iii, currently unfolding, remains intact within its sequence and supports the intermediate wave positioning identified on the daily chart.
Structural Reference Points and Price Behaviour
The pattern progression depends on key reference levels being maintained during the upward sequence. The structure from the earlier low continues to confirm the motive nature of the wave formation. Subdivisions within this setup remain aligned with the larger structure, with price levels staying above invalidation zones throughout recent movements.
These formations help define the broader market structure without assigning directional bias or forward implications. Instead, they highlight the continuation or disruption of the wave counts based on positional adherence to reference levels.
Broader Context Within the ASX Landscape
Newmont Corporation’s placement in the asx 200 links its movements with broader resource sector dynamics. Its current structure within Elliott Wave patterns also coincides with activity observed in peer resource stocks on the same index. While broader market dynamics influence all listed stocks, this specific wave progression maintains its structure based on internal wave mechanics.
This reflection of internal structural movement underlines the pattern consistency without external speculation. Each movement continues to adhere to the format defined by its wave positioning. The trend remains observed through the lens of technical formation rather than external influence or forecasted activity.
