Northern Star Resources Ltd Elliott Wave forecast [Video]

Peter Mathers TradingLounge

ASX: NST Elliott Wave technical analysis

Today's Elliott Wave analysis provides an update on NORTHERN STAR RESOURCES LTD – NST on the Australian Stock Exchange (ASX).

We identify upside potential for ASX:NST, but before the ((iii)) - navy wave advances, we anticipate a pullback with the ((ii)) - navy wave. Additional time is required before the trend shifts. This analysis will highlight critical price levels, helping traders recognize trend reversals and detect invalidation points.

ASX: NST Elliott Wave technical analysis (one-day chart - Semilog scale)

Function: Major trend (Intermediate degree, orange).
Mode: Motive.
Structure: Impulse.
Position: Wave (v) - orange of Wave ((I)) - navy.

Details:

The Wave 2 - grey appears to have completed as a Double Zigzag, and since reaching 15.06, Wave 3 - grey is trending upward.

Recent price action suggests Wave ((ii)) - navy is approaching completion and setting up for a rally with Wave ((iii)) - navy. Wave ((i)) - navy is likely concluding as a five-wave pattern, preparing for a downward move with Wave ((ii)) - navy.

Traders should consider entering long positions after Wave ((ii)) - navy finalizes and a price surge beyond Wave B confirms an uptrend.

Invalidation point: 15.06

ASX: NST Elliott Wave technical analysis (four-hour chart)

Function: Major trend (Minute degree, navy).
Mode: Motive.
Structure: Impulse.
Position: Wave (v) - orange of Wave ((v)) - navy.

Details:

Upon closer inspection, Wave (v) - orange of Wave ((i)) - navy is nearly completed. A pullback with Wave ((ii)) - navy is expected before resuming the uptrend with Wave ((iii)) - navy.

If the price drops below 17.39, there is a strong likelihood that Wave ((ii)) - navy is still unfolding.

Invalidation point: 15.06.
Key level: 17.39.

Conclusion

Our analysis provides a contextual market outlook and short-term forecast for ASX: NORTHERN STAR RESOURCES LTD – NST. We highlight crucial validation and invalidation price points to strengthen market confidence.

By integrating these technical factors, we aim to deliver a professional and objective perspective, assisting traders in capitalizing on market trends effectively.

Northern Star Resources Ltd Elliott Wave forecast [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 tests 1.1700 barrier after EMAs rebound

EUR/USD edges higher after registering modest losses in the previous session, trading around 1.1700 during the Asian hours on Thursday. The technical analysis of the daily chart shows that the pair remains within the descending channel pattern, suggesting an ongoing bearish bias.

GBP/USD strengthens above 1.3400 as UK inflation beats forecasts

The GBP/USD pair gains ground to near 1.3435 during the early European session on Tuesday. The Pound Sterling edges higher against the US Dollar as UK inflation rose more than expected in December. Markets might turn cautious later in the day ahead of a slew of US economic data.

Gold moves away from record high as safe-haven demand fades on easing trade war concerns

Gold is seen extending the previous day's modest pullback from the vicinity of the $4,900 mark, or a fresh all-time peak, and drifting lower through the Asian session on Thursday. This marks the first day of a negative move in the previous four and is sponsored by a combination of negative factors.

Top Crypto Gainers: Canton, MYX Finance, Pump.fun rise as the market steadies

Canton, MYX Finance, and Pump.fun are leading the recovery over the last 24 hours as the broader cryptocurrency market takes a breather after sharp losses. Technically, the recovering altcoins are closing toward key resistances as selling pressure eases.

TACO Wednesday and the great market exhale

Markets did not so much trade on Wednesday as they collectively unclenched. After a bruising bout of headline-induced indigestion, every major asset class caught a bid at once. Stocks up. Bonds up. Gold up, then cooling. Crypto rebounding. Crude firming. Even the dollar found its feet.

Monero risks extending correction as market structure weakens

Monero (XMR) is extending its downtrend, below the $500 level at the time of writing on Wednesday, as sellers remain dominant during the American session. XMR has declined by approximately 38% from a recent high of $800, reached last Wednesday.