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NEE Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

NEE Elliott Wave Analysis Trading Lounge Daily Chart,

NextEra Energy Inc., (NEE) Daily Chart.

NEE Elliott Wave technical analysis

Function: Counter Trend.

Mode: Corrective.

Structure: Flat.

Position: Minor 4.

Direction: Wave {b} of 4.

Details: Looking for further continuation in wave 4, to develop around 72$, as we already hit equality of 3 vs. 1.

NEE Elliott Wave Analysis Trading Lounge 4Hr Chart,

NextEra Energy Inc., (NEE) 4Hr Chart.

NEE Elliott Wave technical analysis

Function: Counter Trend.

Mode: Corrective.

Structure: Flat.

Position: Wave {b} of 4.

Direction: Wave (c) of {b}.

Details: Looking for one more leg higher in wave (c), to then fall back down into Minute wave {c} and continue the correction.

Welcome to our latest Elliott Wave analysis for NextEra Energy, Inc. (NEE) as of June 27, 2024. This analysis provides an in-depth look at NEE's price movements using the Elliott Wave Theory, helping traders identify potential opportunities based on current trends and market structure. We will cover insights from both the daily and 4-hour charts to offer a comprehensive perspective on NEE's market behavior.

NEE Elliott Wave technical analysis – Daily chart

In our Elliott Wave analysis of NextEra Energy, Inc. (NEE), we observe a counter-trend corrective pattern characterized by a Flat structure. NEE is currently positioned in Minor wave 4, specifically in wave {b} of 4. The recent price action indicates that NEE is developing wave {b} around the $72 level, as it has already reached the equality of waves 3 vs. 1. This suggests that the corrective wave 4 is continuing to unfold, and traders should be aware of further developments in this wave. The $72 level is crucial as it provides a potential pivot point for wave 4's structure.

NEE Elliott Wave technical analysis – Four-hour chart

On the 4-hour chart, NEE is following a counter-trend corrective mode within a Flat structure, specifically in wave {b} of 4. The current analysis indicates that NEE is completing wave (c) of {b}, which is expected to provide one more leg higher before the correction resumes. Following this anticipated upward move in wave (c), NEE is likely to fall back into Minute wave {c} and continue the corrective process in wave 4. Traders should watch for signs of this upward leg completion and subsequent bearish continuation to confirm the ongoing corrective phase.

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.

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