200-day moving average appears to be providing support today, but recent trend has been decidedly bearish. Price needs to break above the recent trendline before we can say the bottom is in.
Looked like INO had an upside breakout from a symmetrical triangle (Mar - Apr topline). Trading just below that trendline as of May 22, but found support at the 13day moving average. If it was a false breakout and the 13day doesn't hold, look for support from the bottom half of the symmetrical triangle around 12.
If there were only 3 waves, then the recent downtrend completed all three waves (ABC), and the March low is the end of the C-Wave. If the recent downtrend was an A-Wave of a broader correction, then there must be 5 subwaves (1,2,3,4,5). In both cases, now we're looking for an impulse up (1 wave or a B wave, respectively).
I’m still in the bear market camp, so I...
