NexGen Enery (NXE) may have ended correction

Elliott Wave Forecast Team ElliottWave-Forecast.com

NexGen Energy Ltd. (NXE) is a uranium exploration and development company based in Vancouver, British Columbia. They focus on high-impact projects in the Athabasca Basin in Saskatchewan, Canada. This area is known for having the highest-grade uranium deposits in the world. Below is the latest long term update of the stock.

$NXE weekly Elliott Wave chart as of September 17. 2024

Weekly chart of NXE above shows that the stock ended Super Cycle degree wave (II) at 0.53. From there, the stock then rallies in wave (III) with internal subdivision as a 5 waves impulse. Up from wave (II), wave I ended at 6.5 and pullback in wave II ended at 3.4. The stock has rallied higher in wave III. Up from wave II, wave ((1)) ended at 8.88 and dips in wave ((2)) is proposed complete at 4.95. Expect the stock to extend higher in wave ((3)) while it stays above 4.95, and more importantly above 0.53 low.

$NXE daily Elliott Wave chart as of September 17, 2024

Daily Elliott Wave Chart of NextGen Energy (NXE) above shows that the stock ended wave ((1)) 8.88. Afterwards, the stock corrected cycle from July 2022 in wave ((2)) with internal subdivision as a double three structure. Down from wave ((1)), wave (W) ended at 6.57 and wave (X) ended at 7.61. Wave (Y) lower ended at 4.98 which completed wave ((2)). The stock then turns higher in wave ((3)). Up from wave ((2)), wave 1 ended at 6.62 and wave 2 pullback ended at 5.19. Near term, as far as pivot at 4.98 low stays intact, expect the stock to extend higher.

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Elliott Wave Forecast Team

ElliottWave-Forecast.com

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