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

Today’s Elliott Wave update focuses on NORTHERN STAR RESOURCES LTD – NST listed on the Australian Stock Exchange (ASX).
Our technical analysis suggests that ASX:NST is likely entering a short-term bearish trend, potentially heading towards 16.86. Based on our assessment, a bullish reversal is not expected at this point.

ASX: NORTHERN STAR RESOURCES LTD – NST 1D Chart (Semilog Scale)

• Trend Function: Major Trend (Minor Degree - Grey)
• Market Mode: Motive
• Wave Structure: Impulse
• Wave Position: Wave C) - Orange of Wave 4)) - Navy

Detailed Outlook:

Currently, Wave 4)) - Navy is unfolding downward, appearing to develop as an ABC - Orange Zigzag.
Wave A)B) - Orange seems completed, and since the high at 22.78, Wave C) - Orange has likely started to move lower.
The projected target is around 16.86, showing no signals of a bullish setup.

• Invalidation Level: 23.78

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

4-Hour Chart Analysis

• Trend Function: Major Trend (Minor Degree - Grey)
• Market Mode: Motive
• Wave Structure: Impulse
• Wave Position: Wave C) - Orange of Wave 4)) - Navy

Details:

In the shorter 4-hour timeframe, no bullish evidence is observed.
After the high at 22.78, Wave C) - Orange appears to continue declining toward 16.86.

• Invalidation Level: 22.78

Conclusion

This analysis delivers a contextual understanding of short-term trends for ASX: NST. We identify key levels that act as validation or invalidation signals, aiding the accuracy of our wave counts.
Our goal is to offer a clear, professional insight into current market trends, helping traders make informed decisions.

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

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