Details: Intermediate wave (C) appears to be near completion within a broader Primary wave 2 structure. This setup shows a three-wave corrective pattern, indicating the potential for a reversal.

NEE Elliott Wave technical analysis

Function: Counter trend.

Mode: Corrective.

Structure: Flat.

Position: Wave 4 of (C).

Direction: Downward continuation into Wave 5.

Details: The current chart suggests wave 4 of (C) is concluding. One more leg down is expected to complete wave 5 of (C). The upward movement from the April 9th low reflects a three-wave correction, reinforcing the wave 4 count.

This Elliott Wave analysis highlights the current technical scenario for NextEra Energy Inc. (NEE), using both daily and intraday perspectives. The charts reveal a continuing corrective pattern, which may soon transition into a bullish move following the completion of the current wave sequence.

NEE’s daily chart presents a flat correction nearing the end of Primary wave 2. The unfolding of Intermediate wave (C) suggests that the market is approaching a potential reversal zone. This wave structure supports the expectation of a return to the primary bullish trend once the correction finalizes.

The 1H chart aligns with the broader analysis, showing wave 4 of (C) nearing its conclusion. A further downward move is anticipated in wave 5 of (C). The internal subdivision confirms the corrective nature of this segment, making this a key area to watch for a potential pivot.

Technical analyst: Alessio Barretta.

NEE Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

EUR/USD: US Dollar to remain pressured until uncertainty fog dissipates

Unimpressive European Central Bank left monetary policy unchanged for the fifth consecutive meeting. The United States first-tier employment and inflation data is scheduled for the second week of February. EUR/USD battles to remain afloat above 1.1800, sellers moving to the sidelines.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold: Volatility persists in commodity space

After losing more than 8% to end the previous week, Gold remained under heavy selling pressure on Monday and dropped toward $4,400. Although XAU/USD staged a decisive rebound afterward, it failed to stabilize above $5,000. The US economic calendar will feature Nonfarm Payrolls and Consumer Price Index data for January, which could influence the market pricing of the Federal Reserve’s policy outlook and impact Gold’s performance.

Week ahead: US NFP and CPI data to shake Fed cut bets, Japan election looms

US NFP and CPI data awaited after Warsh’s nomination as Fed chief. Yen traders lock gaze on Sunday’s snap election. UK and Eurozone Q4 GDP data also on the agenda. China CPI and PPI could reveal more weakness in domestic demand.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.