NexGen Enery (NXE) may have ended correction
|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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.