$VKTX: Viking Therapeutics Started New Bullish Cycle

Viking Therapeutics Inc. is an innovative biotechnology company developing novel therapeutics for metabolic and endocrine diseases. Metabolic and rare disease programs include novel selective thyroid receptor-β agonist approach. These and other programs are currently within phases 1, 2 and preclinical. Viking Therapeutics saw IPO back in 2015. Since then, investors can trade it under the ticker $VKTX at NASDAQ.

Viking Therapeutics Weekly Elliott Wave Analysis 03.28.2023

The weekly chart below shows the Viking Therapeutics shares $VKTX traded at NASDAQ. From the IPO in 2015, the stock price has developed an initial cycle higher in blue wave (I) of super cycle degree towards $24 all-time highs in September 2018. Then, a correction lower in blue wave (II) has unfolded as an Elliott wave double three pattern being 3-3-3 structure.

Firstly, 7 swings (which is equal to larger 3 swings) in red wave w of blue wave (II) have printed a low at $3.26 in March 2020. Then, a bounce has set a connector wave x at $10.09 highs in February 2021. Later on, the price has broken $3.26 lows opening up a bearish sequence. As a consequence, red wave y should have extended lower towards 100% extension or at least 61.8% extension of the red wave w. However, these values are below zero. Due to the lack of space, the price has reached $2.02 and bounced breaking the descending channel from 2018. It is the preferred view that the correction has ended in June 2022 at $2.02 lows. While above there, a new bullish cycle in blue wave (III) might have started. The target for the wave (III) is 26.01-40.83 area and even beyond.

In shorter cycles, the advance from June 2022 lows shows 5 waves of red wave I. Therefore, it is dangerous to chase the market to the upside. Investors and traders can be looking to buy $VKTX in a pullback as red wave II in 3, 7, 11 swings against $2.02 lows for an acceleration higher in red wave III of blue wave (III).

Source: https://elliottwave-forecast.c...