Cytodyn still stuck in corrective triangle from July $10 spike
The FDA explanatory letter this week dropped Cytodyn to $1.77 Wednesday, lower than March $2 low but higher than November $1.63 low. We have a nice clean 5-wave impulse up off the lows back to $2.19 to end the week. It's tiny so far but at least a sign that Wednesday was washout low. So I'm sticking with the year-long 5-wave triangle correction as main thesis with 60% probability. The trip to $4 in April was another sloppy fakeout with this week's new low below $2 extending the C leg of the triangle from March to May. Next week we can test $1.90 again, then see a D-leg rally to $5-5.5 area upon long-haulers phase II trial results in June (lower than $6 prior D leg prediction, as the upper triangle resistance continues to come down). Then a final E-leg correction back into $2 range mid-summer, with final launch of wave III into double digits upon Brazil critical phase III interim results end of summer.
Related publications
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.