ASX: NORTHERN STAR RESOURCES LTD – NST
Elliott Wave Technical Analysis | TradingLounge

Market Overview
Our current Elliott Wave assessment updates the outlook for NORTHERN STAR RESOURCES LTD (ASX:NST). Based on recent data, the stock is showing signs of short-term bearish momentum. We anticipate a downward move toward the 16.86 level. This outlook signals no bullish potential at the moment.

Technical Analysis: 1D Chart (Semilog Scale)

• Function: Major trend (Minor degree, grey)
• Mode: Motive
• Structure: Impulse
• Current Position: Wave C (orange) of Wave 4 (navy)

Details
Wave 4 (navy) appears to be unfolding as an ABC Zigzag pattern. The A and B waves (orange) have completed, and now wave C (orange) is in motion, heading toward the target of 16.86. Since the last high of 22.16, the chart presents a strong bearish case. A reversal is invalidated if prices reach or exceed 23.30.

ASX: NORTHERN STAR RESOURCES LTD – NST
Elliott Wave Technical Analysis | TradingLounge (4-Hour Chart)

Technical Analysis: 4-Hour Chart

• Function: Major trend (Minor degree, grey)
• Mode: Motive
• Structure: Impulse
• Current Position: Wave C (orange) of Wave 4 (navy)

Details
Aligning with the 1D chart, the 4-hour chart also confirms that wave C (orange) has been progressing downward since the 22.16 high, aiming for the 16.86 support level. The invalidation level for this bearish forecast is 22.16.

Conclusion
Our analysis and short-term projection for ASX:NST help traders understand the current market direction. With clearly defined validation and invalidation points, we enhance confidence in the wave count outlook. This structured method offers traders a solid framework for decision-making in volatile conditions.

Technical Analyst: Hua (Shane) Cuong, Certified Elliott Wave Analyst – Master Level (CEWA-M)

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