Details: Looking for a potential bottom in wave (2) as we have reached the area of the previous 4 which is often times a target for wave C of the same degree.

NextEra Energy Inc., (NEE) 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: Here we are looking at a potential wave {i} and {ii} in place knowing we are very close to invalidation level, which is why we are looking at upside confirmation.

This Elliott Wave analysis of NextEra Energy Inc., (NEE) outlines both the daily and 1-hour chart structures, highlighting the current trends and possible future price movements.

NEE Elliott Wave technical analysis – Daily chart

NextEra Energy seems to be approaching a wave C of (2) bottom. The price has moved into the region of the prior wave 4, which is often a common target for the end of wave C corrections. A reversal or confirmation of the bottom in wave C would signal the end of the (2) correction, allowing for the next potential impulsive wave upward to begin.

NEE Elliott Wave technical analysis – One-hour chart

On the 1-hour chart, we are examining the completion of wave C and the early formation of wave {i} and {ii}. However, we are close to an invalidation level, meaning caution is warranted until we see clear upside confirmation. Any break above key resistance levels could validate the end of wave C and initiate the start of a bullish reversal.

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 deflates to fresh lows, targets 1.1600

The selling pressure on EUR/USD now gathers extra pace, prompting the pair to hit fresh multi-week lows in the 1.1625-1.1620 band on Friday. The continuation of the downward bias comes in response to further gains in the US Dollar as market participants continue to assess the mixed release of US Nonfarm Payrolls in December.

GBP/USD breaks below 1.3400, challenges the 200-day SMA

GBP/USD remains under heavy fire and retreats for the fourth consecutive day on Friday. Indeed, Cable suffers the strong performance of the Greenback, intensified post-mixed NFP, and trades at shouting distance from its critical 200-day SMA near 1.3380.

Gold flirts with yearly tops around $4,500

Gold keeps its positive bias on Friday, adding to Thursday’s advance and challenging yearly highs in the $4,500 region per troy ounce. The risk-off sentiment favours the yellow metal despite the firmer tone in the Greenback and rising US Treasury yields.