The next entry in the theme of Corona Virus stocks is Inovio Pharmaceuticals Inc. Inovio has had a steady advance during the COVID-19 spreading worldwide. It also remains very technical as with all other stocks. Lets take a look at what they do as a company:
“The Inovio technology is based on inserting engineered DNA into cells where it becomes incorporated into proteins involved in the immune response to cancers and viruses by producing T cells and antibodies that aid recovery from infection. The technology can be “targeted” to specific types of cancer and immune diseases, such as those produced by a virus.”
Inovio has had an impressive rally so far this year. The Elliott Wave view seems to be counting technically clean. Let’s take a look below at the Daily view.
Inovio Daily Elliott Wave
Medium term term view from 10/02/2019 lows of 1.92. Wave ((1)) was set at 2.55 on 10/16/2019 and wave ((2)) at 2.09 on 10/31/2019. From there, Inovio had some nesting which resulted in an extended wave ((3)). Wave ((3)) is favoured to be set at 19.36 on 3/09/2019. The count is getting mature to start chasing new longs. After a wave ((5)) of Red I is complete, a lengthy multi month correction may take place in 3,7 or 11 swings before more upside is expected to resume.
Using proper risk management is absolutely essential when trading or investing in a volatile stocks. Elliott Wave counts can evolve quickly, be sure to have your stops in and define your risk when trading.
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