Good day Traders and Investors. In today’s article, we are going to follow up on Novavax Inc. ($NVAX) forecast posted back in April 2022 and take a look at the latest 4H count. You can find the article here: https://elliottwave-forecast.com/stock-market/novavax-enters-buying-area/
Novavax, Inc. is an US American biotechnology company. Founded in 1987 and headquartered in Gaithersburg, Maryland, USA, it is a part of Russel1000 index. Before 2020, the company has developed vaccines to counter such diseases like Ebola, influenza, respiratory syncytial virus (RSV) and others. During 2020, Novavax has redirected the efforts on development and approval of Nuvaxovid vaccine for COVID-19.
Novavax ElliottWave April 2022 View (Daily):
The cycle from the February 2021 peak remains alive and the decline has extended in the Blue Box Area ($63.51 – 3.54). How deep can wave 5 extend before finding buyers? Lets downgrade to the 4H to find out.
Novavax ElliottWave Latest View (4H):
The decline since the wave 4 peak has been pretty technical, unfolding in 5 waves. We can be trading at the tail end of this decline and do two more lows in series of 4s and 5s to end ((v)) of 5 of (C) of ((Y)) of II. The area where buyers can be waiting to appear comes at $23.99 – 6.70 (1.236 – 1.618 inverse fib). As long as the Invalidation level at $3.54 remains intact, we expect buyers to appear to start the next leg higher or produce a bounce in minimum 3 swings higher.
Using proper risk management is absolutely essential when trading or investing in 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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