ASX: NORTHERN STAR RESOURCES LTD – NST Elliott Wave Technical Analysis – TradingLounge
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This Elliott Wave analysis provides an updated forecast for Northern Star Resources Ltd (ASX:NST), highlighting key bearish signals and potential price movement.
ASX: NORTHERN STAR RESOURCES LTD – NST Elliott Wave Technical Outlook – Daily Chart (1D, Semilog Scale)
Function: Primary trend (Minor degree – grey)
Mode: Motive
Structure: Impulse
Current Position: Wave C) - orange within Wave 4)) - navy
Key Insights:
The ongoing correction in Wave 4)) - navy appears to be evolving as a zigzag (ABC-orange).
Wave A) and Wave B) - orange have completed.
Since the peak at 22.78, the market is now progressing through Wave C) - orange.
Target price: 16.86
No evidence currently suggests a reversal or bullish shift in trend.
Invalidation Level: 23.78
ASX: NORTHERN STAR RESOURCES LTD – NST Elliott Wave 4-Hour Chart Analysis
Function: Primary trend (Minor degree – grey)
Mode: Motive
Structure: Impulse
Current Position: Wave C) - orange within Wave 4)) - navy
Key Insights:
No divergence from the 1D analysis.
The downtrend that began post the 22.78 high continues.
Wave C) - orange maintains its target near the 16.86 support area.
Invalidation Level: 22.78
Technical Analyst: Hua (Shane) Cuong, Certified Elliott Wave Analyst – Master Level (CEWA-M).
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Conclusion:
The Elliott Wave projection for ASX:NST signals continued downside movement under the current wave count. The analysis pinpoints critical levels to confirm or refute this setup, ensuring a disciplined approach to ASX technical trading. By maintaining a consistent structure in wave evaluation, we aim to support informed decision-making based on objective criteria.