The daily chart indicates that Minor wave 4 has likely found support near the $72 mark. This level is critical as it suggests that the corrective phase might be concluding, paving the way for the next upward movement. Traders should observe this support level for confirmation of a bottom.

NEE Elliott Wave technical analysis

Function: Counter Trend

Mode: Corrective

Structure: Flat

Position: Minor wave 4

Direction: Bottom in place at wave 4.

Details: The 4-hour chart shows a potential triangle in wave 4, suggesting a bottom formation and possible resumption of upward movement.

NEE Elliott Wave technical analysis – Four-hour chart

The 4-hour chart offers a closer examination of the subdivision within wave 4, indicating a potential triangle formation. This pattern suggests that wave 4 may have reached its bottom and that an upward trend could already be starting. Traders should watch for a breakout from this triangle to confirm the continuation of the upward movement.

Welcome to our latest Elliott Wave analysis for NextEra Energy Inc. (NEE). This analysis provides a detailed overview of NEE's price trends using Elliott Wave Theory, helping traders identify potential trading opportunities based on current market behavior. We will explore insights from both the daily and 4-hour charts to provide a comprehensive perspective on NEE's price action.

NextEra Energy Inc. (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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