NVX Chart, page-2800

I think the last time I posted on NVX was on that massive red candle that began the
formation of the consolidation that led to this ugly decline (from a shorter-term perspective).
I've been keeping an eye on the potential bottom sign. The first one I would even
consider appeared a couple of days back when the price finally closed above the 5-week
SMA after testing support and a long-term 0.618 fib (I posted in a recent post on AVZ how
I use this MA).
This coincided with a small inverted H&S break (lighter blue letters). I considered an
entry but did not like the small range of the bar compared to volume and wanted a little
more confirmation and something a little larger.
NVX is currently testing the neckline of a somewhat more substantial H&S (darker letters)
with an abbreviated left shoulder which would carry a measured target of circa 7.52 around
the low of the ominous red bar.
I don't usually look at other MA's but occasionally take a look at 50 and 200 SMA's.
The push against the neckline coincides with a push against the 50 (which is threatening
a "golden cross".) I am willing to take a break above this level (also the 200 SMA) on
volume with a stop below the right shoulder.
I would not expect this to rise to previous highs with ease and will be aggressive with
some profit-taking and stop management but it may be the beginning of a return
to an upwards trajectory.
Will be keeping an eye also on the weekly chart's left shoulder level for a possible
right shoulder formation. If formed, the could also turn into a much more substantial
H&S Failure, though intrinsically it would be a bearish pattern.
Happy to take one or two risk focussed attempts to get on board...
All IMHO and GLTA
Charting is not about predicting the future, but about capitalizing on opportunities
whilst managing risk.