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 10.01.2023
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 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. As a matter of fact, the correction has ended in June 2022 at $2.02 lows and new cycle in blue wave (III) has started. Break of $24 highs has confirmed that. The target for the wave (III) is 26.01-40.83 area and even beyond.
Within blue wave (III), red wave I has reached in 5 waves the new all-time highs in May 2023 at $25.72. From there, pullback in red wave II is inrogress. Firstly, black wave ((A)) has set a low in August 2023 at 12.62. Secondly, bounce in black wave ((B)) has set a connector in September 2023 at 16.36 highs. Thirdly, price has broken 12.62 lows confirming next extension lower. Now, black wave ((C)) can reach 3.22-2.02 area. Alternatively, it may truncate at 0.618-0.786 area being 8.23-6.03 price range. Investors and traders can start accumulating their positions starting from below $8.23 level and against $2.02 lows. Once consolidation in red wave II ends, expect acceleration higher in red wave III of blue wave (III) towards 25.72 highs and beyond.
