Elliott Wave Forecast: NextEra Energy Stock ( $NEE ) Bigger Pullback Taking Place

NextEra Energy Inc. ticker symbol: $NEE is an electric power and energy infrastructure company. The company was founded in 1984 and is headquartered in Juno Beach, FL. It operates through the following segments: FPL and NEER. The FPL segment engages primarily in the generation, transmission, distribution, and sale of electric energy in Florida.

The NEER segment produces electricity from clean and renewable sources, including wind and solar. It provides full energy and capacity requirements services, and engages in power and gas marketing and trading activities. It participates in natural gas production and pipeline infrastructure development and owns a retail electricity provider. We will look at the Elliott wave view for NEE below:

NextEra Energy Weekly Elliott Wave Chart

Elliott Wave Forecast: NextEra Energy Stock ( $NEE ) Bigger Pullback Taking Place

Above is the Weekly time frame Elliott wave chart of NextEra Energy. In which, the stock is correcting the cycle from all-time lows. So far the decline from the 31 December 2021 peak is unfolding as an Elliott wave double three structure where the first leg ended in the wave (w) at $67.22 low.

Up from there, a bounce to $91.35 high ended wave (x) and started the (y) leg lower. Now, as far as it remains below $91.35 high expect the stock to extend lower towards the $64.87- $48.44 blue box area.

From there, buyers are expected to appear looking for the next cycle higher or should do a big 3 wave bounce at least.

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