NXSN/Next Vision - 2023 Rally may need to rest

My ElliotWave (EW) analysis on NXSN shows that price has approached meaningful mid-term resistance zone at 2352-2627.

If my technical thesis holds, price shall start digesting its 250% rally from Oct'22 bottom in near term, finishing its wave iii and starting corrective wave iv. Important and ideal EW support zone for this potential correction is 1760-1472, that coincides with advancing 200D moving average.

From the trading perspective this is not exactly the area for any short selling attempt, because price has not broken even the short-term uptrend, staying above 8/21 EMAs and 50MA. One may even consider entertaining taking a long position on break out above 2400 zone with staggered 3-5% stops, although I would highly caution any attempt to trade it for the long-term move - only as a swing-trading approach (short-term), bearing in mind EW resistance zone mentioned above.

The stock remains one of the strongest on TASE
both technically and fundamentally. Impressive double and triple digits quarter Revenue and EBITDA growth. Any correction, followed by a base building process later this and early next year may present good investing/trading opportunities.

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