NVO: Impulsive sequence favors upside and remain supported

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.

NVO is showing higher high clear impulse sequence in over the years. So, it expects to remain supported in 3, 7 or 11 swings at extreme areas in pullback. Currently, it favors correction in ((2)) of V of (I) before turning higher in ((3)) of V.

NVO – Monthly Elliott Wave latest view

It placed wave ((I)) at $60.34 as Grand super cycle in 2015 & ((II)) at $30.89 low in 2016. Above there, it favors higher in (I) of ((III)). It favored ended I of (I) at $58.37 high & (II) at $41.23 low as 0.618 Fibonacci retracement. Above there, it extended higher in third wave extension, ended at $122.16 high. Wave IV finished at $95.02 low as slightly above 0.382 Fibonacci retracement. Currently, it favors higher in V as it already confirms higher high sequence.

NVO – Weekly Elliott Wave latest view

In wave V, it placed (1) of ((1)) at $106.43 high & (2) at $100.89 low. Above there, it favored ended (3) at $139.05 high as third wave extended wave & (4) at $130.10 low. Finally, it ended (5) as ((1)) at $144.78 high & correcting in ((2)) in 7 or 11 swings towards $130.04 – $121.70 area before upside resumes in (1) of ((3)) of V. Alternatively, it may ended ((2)) at $131.17 low & favors higher in (1) of ((3)) of V.