alex13kou

New update for Novavax (elliot waves)

Short
CAPITALCOM:NVAX   Novavax
My weekend analysis for $NVAX

Finally, we are starting to build the long expecting and hopping final wave 5 of the primary cycle corrective wave C. It was a running flat structure, which is a rare structure, that is why it was a tricky one to understand from the beginning.

I have inserted some supply and demand areas in order to understand better where we will find supports and resistances and also where the price is "magnetizing" to go.
On the 2h chart, we see a shooting star candle, which is confirmed, and then the gap down. Now is building up a SHS pattern, in which the right shoulder will be the wave 2 of the wave 5. It is already at 50% retracement , which is inside the area of a wave 2 target and also inside the resent daily supply zone . I am expecting to be rejected from there, but it can always go further up and maybe close the gap from yesterday before going down again. The SHS pattern if it triggers, the target coincidences with the wave 3 fib.

My target area is at 38$ to 30$.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.