NGRV 34% Profit is possible but Risk Reward Ratio is not good

Current Price Action:
- Trading at $2.47, up 4.78%
- Breaking out from a recent consolidation pattern
- Showing first signs of trend reversal after extended downtrend

Elliott Wave Analysis:
- Appears to be completing Wave IV of a larger structure
- Triangle pattern forming within Wave IV
- Potential for Wave V upward movement targeting $3.85 (1.618 Fibonacci level)

Key Technical Levels:
1. Support:
- Major support at $1.60 (recent lows)
- Triangle pattern support around $2.00
- Moving averages providing dynamic support

2. Resistance:
- $2.36 (0.236 Fibonacci level)
- $2.61 (0.786 Fibonacci level)
- $3.34 (1.272 Fibonacci extension)

Volume Analysis:
- Recent volume increase supporting the breakout
- Bottom indicator showing improving momentum
- Volume pattern suggests accumulation phase

Trading Considerations:
- Breakout from triangle pattern suggests bullish momentum
- Stop loss could be placed below triangle support ($2.00)
- Risk/reward appears favorable for long positions

Potential Risks:
- Stock has been in long-term downtrend
- Needs to maintain above breakout level
- Historical volatility suggests tight stop losses needed