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?