Novavax ($NVAX) riding the waves

Wave Pattern Traders Team Wave Pattern Traders

Continuing along the theme of Corona Virus stocks, this week Novavax Inc. is next up in line. Novavax has gone parabolic with the COVID-19 spreading worldwide as with the other names I have covered. It also remains very technical, and I think there could a few more swings up before a longer term top is realized. Lets take a look at what they do as a company:

Novavax, Inc. is a clinical-stage biotechnology company committed to delivering novel products to prevent a broad range of infectious diseases. Using innovative proprietary recombinant nanoparticle vaccine technology, we produce vaccine candidates to efficiently and effectively respond to both known and emerging disease threats. Our vaccine candidates are genetically engineered three-dimensional nanostructures that incorporate recombinant proteins critical to disease pathogenesis.

Novavax has had an impressive rally so far this year. Also, the structure of this stock looks a lot better than many other plays I have covered in the COVID-19 related fields. With that said, the Elliott Wave view seems to be counting technically clean. Let’s take a look below at the 4H view.

Novavax 4H Elliott Wave View

Novavax set all time lows in November 2019 at 3.54. From there Novavax had a clean 5 waves advance shown in blue, for a wave ((1)) top at 17.71. From there wave ((2)) is set at 6.77 and a wave ((3)) advance is currently underway. Prices have reached the equal legs extreme area of ((1))-((2)) as shown above, in a blue box. This is an area where sellers may enter for a pullback in 3, 7 or 11 waves. Prices entered the box and found resistance to pullback in a blue (4) of ((3)).

Prices still have a bit more upside in wave ((3)) to complete the sequence before a pullback in wave ((4)) is expected. It’s a bit late in the cycle to start chasing new longs, but the target for ((3)) is the 161.8% extension at 30.38. After a wave ((4)) has played out in 3,7 or 11 waves, there is room for a wave ((5)) of Red I to complete the sequence.

Author

Wave Pattern Traders Team

Wave Pattern Traders

Specialists in the use of Elliott Wave, Market Analysis, Fractals & Fibonacci.

AUD/USD accelerates the decline below 0.7000

The late rebound in the Greenback has prompted the AUD/USD’s selling pressure to gather extra steam on Wednesday, sending spot to the mid-0.6900s for the first time since late July. In addition, inflation figures in Oz failed to surprise markets, leaving the pair vulnerable to extra weakness. On Thursday, the focus of attention on the domestic calendar will be on the release of the trade balance results in August.

USD/JPY stays weak below 157.00 amid Japanese intervention risks

USD/JPY keeps losses below 157.00 in the Asian session on Wednesday, as hawkish BoJ expectations, along with intervention risks, underpin the Japanese Yen, countering dismal domestic factory output and retail sales data. Meanwhile, a broad US Dollar retreat also collaborates to the pair's downside.

Gold meets resistance just above $4,200

Gold now makes a U-turn and recedes toward the $4,150 region per troy ounce on Wednesday. Indeed, the precious metal fades the earlier move past the key $4,200 yardstick and retreats marginally as the US Dollar trims part of its daily losses amid mixed US Treasury yields.

Bitcoin and Gold Outlook: BTC recovers $84K, XAU slips amid softer US PCE

Bitcoin (BTC) gains traction, rising above $84,000 on Wednesday as buyers return after softer-than-expected United States (US) inflation data. The Crypto King marks a second straight day of gradual recovery, building on the demand area between $82,000 and $83,000. Gold (XAU/USD), meanwhile, slides toward $4,100 after being rejected at the daily high of $4,219.

The Euro is near a one-year low: Inflation could trigger its rebound, not its fall

EUR/USD has fallen to its lowest level since May 2025, but a fresh inflation shock in the Eurozone could give the Euro an unexpected lifeline. The pair hit 1.1312 on Wednesday and trades well below the January peak of 1.2082. The decline reflects a powerful combination of US Dollar strength, geopolitical uncertainty and renewed concerns about Europe's exposure to higher energy prices.

The Euro is near a one-year low: Inflation could trigger its rebound, not its fall

EUR/USD has fallen to its lowest level since May 2025, but a fresh inflation shock in the Eurozone could give the Euro (EUR) an unexpected lifeline. The pair hit 1.1312 on Wednesday and trades well below the January peak of 1.2082.