withoutwings

#NUOG #NuOilAndGas - Correction part C still in progress

LSE:NUOG   NU-OIL AND GAS PLC ORD 0.1P
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Elliott Wave analysis of NUOG on the daily chart tells me that it is still in a corrective phase, but should be nearing the end of that soon. Interestingly note that W5 was the extension in the bull phase, not W3 which is more common.

I believe that Wave C will finish around the same level that Wave 4 did on the way up - this is supported by EW theory. And further supported by the 78.6% Fib line, which is a common retrace point on AIM.

Expect this to change back to a new W1 after that point, which will be a typically short one - perhaps 1.26p as a target?
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