Constellation's energy resumes its upward trend after completing the IV wave. The upward structure of the Elliott wave points to a strong vague V rally.
Constellation Energy Corporation (CEG) completed a correction of the Elliott Wave manual and seems to have resumed its upward trend. The stock experienced a powerful advance from mid-2022, which took place in five light waves, finishing a higher wave of degree around the beginning of 2024.
After this rally, CEG entered a corrective phase. The decline took place in a classic three -wave structure labeled (((a)) – ((b)) – (((c)). This correction probably ended the IV wave, completing about $ 161.33. The internal subdivision of the wave ((c)) shows a move to five clear waves, supporting the idea that the correction is carried out.
Since then, the price has strongly rebounded, indicating that the V wave can already be in progress. The early price action shows a structure in the development of five waves. The wave (1) and (2) seem to be in place, and the wave (3) is probably in progress. This is aligned with the bullish right side tag on the graph.
We do not recommend selling, because the dominant trend remains upwards. The level of invalidation is below $ 71.21. As long as the stock remains above this level, the optimistic view remains valid. The dotted lines suggest a projection path for the following pulse, potentially targeting levels above $ 360 in wave V.
Our strategy consists in exchanging in the direction of the label on the right side and in taking positions only during the perspective in the areas of the blue box. At this stage, we favor long positions on the hollows, ideally in the wave (2) or the wave (4) of the current sequence.
Summary
In summary, the vague IV correction is probably complete and wave V has probably started. With a strong technical structure and a bullish impulse, Constellation Energy remains a name to monitor in the weeks and months to come.
