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Elliott Wave Analysis of NEW (Newmont Mining Corp)


It's been a while since I have wrote any articles and a few readers have asked why I have stopped writing. I have actually not stopped posting articles as such; but I have taken a different path, and write more short term posts my blog see here: http://wavepatterntraders.blogspot.com/

You can also follow me at my twitter account see here: https://twitter.com/Nouf_wpt

Although if there are no objections I will endeavor to replicate posts from my blog at Safe Haven so readers of SafeHaven may benefit in my writings.

I prefer to actually posts setups that can help other viewers, as I find writing lengthy articles laborious and timing consuming, which is not fitting to my style of writing, so I am hoping that my next series of articles can benefit readers much more than writing 5000 word essays that really are of no benefit. So they will be short and sweet, but right to the point, which I think is what many readers prefer.

NEW (Newmont Mining Corp)

The monthly chart is now coming into some decent fibbo support; the decline from the Nov 2011 highs has matched the prior decline from the 2005-2008 moves. So just based on history it can suggest a low is close by, it's already met a 78.6% fibbo retracement, much like the retracement back in 2008.

Newmont Mining Long Term Chart
Larger Image

Furthermore the point at which wave [C] = [A] is close by as well. Short term there looks to be a few waves missing and I suspect we could still target that [C] = [A] area around $28.45. It appears to still need waves [iv] & [v] of wave 3 then a bounce in wave 4.

A bounce for wave 4 of [C] should stay under the blue line, but ideally around $36.00, then head lower for wave 5 of [C].

Newmont Mining Chart
Larger Image

As long as it stays under the blue line, then wave 4 should chop around under that area and head lower to target $28.45. It's at that point I suspect a low risk buying opportunity will be setting up, although there are still a few opportunities for the short term trader that is flexible enough.

Sentiment is probably matching the sentiment back in 2008; Gold stocks have fallen out of love with investors and traders. Although it's natural to feel like that, everyone loves stock at the highs, but never at the lows.

Yet in order to make profits you need to be buying when it's nice and cheap, but this is where I firmly Elliott Wave can help us find some entries to get long this stock when the time come to "jump in".

Until Next Time,

Have a profitable week ahead


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