Novo Nordisk (NVO) should remain supported and resume rally

Novo Nordisk A/S (NVO), a healthcare company engages in the research, development, manufacture and marketing of the pharmaceutical products worldwide. It operates in two segments, Diabetes & Obesity care & Biopharm. It is based in Denmark, comes under Healthcare – Biotechnology sector & trades as “NVO” ticker at NYSE.

As showing in the previous article, NVO favors higher in V of (I) & expect further upside. Above ((2)) low of $131.17, It favors pullback in (4) in flat correction before final push higher in (5) to finish ((3)) of V.

NVO – Elliott Wave view from 2.18.2023

It placed wave ((II)) at $30.89 low in 2016 & favors higher in (I) as impulse sequence in ((III)). It placed wave I at $58.37 high & II at $41.23 low as 0.618 Fibonacci retracement. Above there, it extended higher in third wave extension, which ended as III at $122.16 high. It finished IV at $95.02 low as double correction slightly above 0.382 Fibonacci retracement of III. It favors higher in V of (I) & expect further upside.

NVO – Elliott Wave latest weekly view

In wave V, it placed ((1)) at $144.78 high & ((2)) at $131.17 low as shallow correction. Above ((2)) low, it placed (1) at $145.94 high, (2) at $135.32 low & (3) at 172.97 high. It favors pullback in (4) in 3 swing correction, which expect to pullback towards $158.05 – $149.16 area before final push higher resumes in (5) to finish ((3)) of V. In Short term, it may even ended (4) at $158.51 low & favors higher in (5) as alternate view, which confirms above (3) high, without breaking lower. It expects two or few more highs to finish V of (I), while momentum divergence remains intact in weekly sequence. Alternatively, if it erases the momentum divergence, then it will be the part of III sequence in (I).

NVO – Elliott Wave latest daily view