This Elliott Wave analysis of NextEra Energy Inc. (NEE) provides insights into the daily and 1-hour charts. It highlights the corrective patterns and the potential for bullish reversals, offering valuable trading insights.
NextEra Energy Inc., (NEE) Elliott Wave Analysis - Trading Lounge Daily Chart
NEE Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Flat
Position: Wave C of (2)
Direction: Bottom in Wave C
Details
NextEra Energy Inc. (NEE) appears to be approaching a potential wave C of (2) bottom. The price action has entered the area of the previous wave 4, a common target zone for wave C corrections of the same degree. A reversal or confirmation of the wave C bottom could signal the conclusion of the (2) correction phase, potentially setting the stage for the next impulsive upward movement.
Key Observations:
- Price currently testing the previous wave 4 region.
- Possible reversal to indicate the start of an impulsive wave.
- Monitor closely for confirmation of bottom formation.
NextEra Energy Inc., (NEE) Elliott Wave Analysis - Trading Lounge 1H Chart
NEE Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Flat
Position: Wave C of (2)
Direction: Bottom in Wave C
Details
On the 1-hour chart, NEE is showing the potential for the completion of wave C and the initial stages of wave {i} and {ii}. However, caution is necessary as the price is close to an invalidation level. A break above key resistance levels would confirm the end of wave C, signaling the beginning of a bullish reversal.
Key Observations:
Technical Analyst: Alessio Barretta
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