Its Over, page-13147

On 6 May 22 I cautioned on NVX, citing instances of extended consolidation leading to a breakdown. At $4.63 then, it had already fallen 61.9%. At today's closing price of $2.27, it has fallen another 50.9% from 6 May, many who continued to hold with the belief that it has fallen hard enough got beaten down by another 50% in just over 6 weeks!

I had warned to look closely at the Christmas tree. Can you see the perfect Christmas tree on the 1 year chart? It could go further to $1.90 and maybe even $1? At today's price, its market cap is still $1.1B , at $1, it would be $485m. That's not shabby for a stock that has yet to make any money.

Its Over, 61251748, page-12549 | HotCopper Forum

Set to 1 year view then 5 year
NVX Stock Price and Chart — ASX:NVX — TradingView

This is why I said:
1) Watch the Christmas tree to see how far the stock can go further down, and if it breaches that first tree, look out for the next
2) Look at the stock's market cap, not its share price decline from the top to determine downside potential. Is $1B a reasonable price for a company with no cashflow? Maybe yes during the bull, certainly not during the bear phase. The bear phase removes all the fluff that was built up in the stock price during the runup. NVX predicament in this giant Christmas tree crash is a similar experience you can see in both PPX and VUL, all had just great potential with no cashflow nor revenues. In bull phase, potential is all you need. In bear phase, show me the money now.
3) None of these stock declines correlate with movements in indices. They can fall even on good days on the market. The good days on the market as reflected in the major indices are largely confined to the big cap stocks namely BHP/CBA/CSL.

Still want to wait and see?