ASX: NORTHERN STAR RESOURCES LTD – NST Elliott Wave Technical Analysis

Hello traders,

This Elliott Wave market update covers the recent price action for Northern Star Resources Ltd (ASX:NST), listed on the Australian Securities Exchange. Based on our latest technical analysis, ASX:NST appears to be entering a short-term bearish wave, potentially moving towards the target zone near 16.86 AUD. At this point, our indicators suggest that a bullish reversal is not anticipated.

ASX: NORTHERN STAR RESOURCES LTD – NST 1D Chart (Semilog Scale)

Trend Function: Major Trend (Minor Degree - Grey)

Market Mode: Motive

Wave Structure: Impulse

Wave Position: Wave C) - Orange of Wave 4)) - Navy

Technical Outlook
The current price structure reflects a downward development within Wave 4)) - Navy, which is unfolding as an ABC Zigzag correction in Orange.
Wave A)B) - Orange is likely completed. Since reaching a peak at 22.78 AUD, Wave C) - Orange seems to be progressing downward.
The anticipated downside target is around 16.86 AUD, with no bullish setup evident at this stage.

Invalidation Level: 23.78 AUD

ASX: NORTHERN STAR RESOURCES LTD – NST Elliott Wave Analysis (4-Hour Chart)

4-Hour Chart Technical Overview

Trend Function: Major Trend (Minor Degree - Grey)

Market Mode: Motive

Wave Structure: Impulse

Wave Position: Wave C) - Orange of Wave 4)) - Navy

Key Observations
Within the 4-hour timeframe, price action aligns with our broader daily view.
Following the local high of 22.78 AUD, Wave C) - Orange continues to decline with a near-term objective of 16.86 AUD. No signs of bullish divergence are present.

Invalidation Level: 22.78 AUD

Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).

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Conclusion

This Elliott Wave analysis provides a short-term technical forecast for ASX:NST (Northern Star Resources Ltd).
We have outlined significant price levels acting as validation and invalidation points, enhancing the reliability of our wave interpretation.
Our aim is to deliver a clear, professional overview of current market momentum, assisting traders in forming data-backed strategies.