CytoDyn Inc.Long
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.
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