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.

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