INVA

Innoviva, Inc.

NASDAQ · Common stock

20.78

−0.08 (−0.38%)

Close, Oct 16, 2026

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Structural summary

What is the structure, what changed, and what would invalidate it

Viridia Intelligence

Context across dimensions, not a rating

StructureLower highs, lower lowsIntermediate-degree swings on the daily chart.

WaveConstructiveZigzag complete, next move up (Pattern Confidence 80); the weekly count points the other way.

FibonacciZone belowNearest confluence 19.91–20.11 (2 relationships), −3.7% from the close.

MomentumWeak3 months −2.3% (behind SPY by 5.2 points); 6 months −14.3%.

RegimeDowntrend−0.9% vs the 50-day average, −4.8% vs the 200-day.

RiskNear a key level20-day volatility 26% vs 28% over the year; 1-year drawdown −16.5%; beta -0.05; price within 3% of the count's reassess level.

INVA setup history

Current structure

Price, swings and the preferred count on the chart

INVA · 1DLoading bars…

SourceMassive, end of dayUpdated—MethodDaily bars, split-adjusted

Candidate interpretations

Every count shown passes every hard rule

Candidate interpretations

Ranked by Pattern Confidence

Counts ending at the latest intermediate swing low, 20.20 on Aug 7, 2026. 132 labelings tested, 99 broke a hard rule, 12+ remain.

Hard-rule evidence: why 99 labelings were eliminated

48Wave 2 always retraces less than 100% of wave 1
18Contracting triangle: C ends short of A's end, D short of B's end, and E short of C's end
12Wave 3 always travels beyond the end of wave 1
5Wave B ends short of the start of wave A (a zigzag is a sharp correction)
4Wave B retraces at least 90% of wave A
3Wave 3 is never the shortest of waves 1, 3 and 5 (satisfied on either a price or a percentage basis)

Method Every chain of 3–6 alternating pivots ending at the latest confirmed pivot is tested as each pattern; only counts with zero hard-rule failures are kept, then ranked by Pattern Confidence. Rules: rulebook.Engine pivots-1.0.0+rules-1.0.0+candidates-1.0.0+fib-1.0.1+rank-1.1.0+setup-1.0.1, bars to Oct 16, 2026

Fibonacci map

Confluence zones above and below the closeClose 20.78

20.78close

Bar length is the zone's strength (a weighted count of relationships, not a probability). Select a zone to see what forms it.

19.91 – 20.11−3.7% from the close

2 relationships · strength 4 · Primary, Minor degrees

20.11ProjectionWave C = 100% of wave A · Minor · Essentials
19.91RetracementMove after the correction retraces 61.8% of A–C · Primary · Viridia

Method Targets come from the Fibonacci relationships the sources describe for the wave in progress, Elliott trend channels, the prior fourth wave of lesser degree, and 38.2–78.6% retracements of the latest swing. A zone is where two or more independent relationships fall within max(¼ ATR, 0.4%) of each other; strength counts them, weighting primary ratios and higher degrees. It is not a probability.

Evidence

The setup the preferred count implies, and how that kind of setup has done

Setup

Intermediate degree · from the preferred count

Bullish setupActive now

Correction complete

A correction looks complete, so the larger trend would normally resume.

Pattern Confidence 80 · High

Reference level0.0% from close

20.78

Latest close

Invalidation−2.8% from close

20.20

End of wave C: beyond it the correction is still extending

Structural target+11.9% from close

23.26

Move after the correction retraces 61.8% of A–C

Reward : risk

4.3 : 1

Invalidation 2.8% from the reference level · 1.2 ATR

Track record: this setup reached its target first in 29% of 1,608 past cases, averaging +0.08R. Method

NoteResearch scenario generated from Viridia's structural model. Not a recommendation.BasisIntermediate degree, daily bars through Oct 16, 2026. Followed for up to 60 sessions in the track record.MethodA setup restates the preferred count as a trade: the entry (the close, or the level where the correction in progress most often ends), the stop where the count is wrong (a rule level, or the end of a finished pattern), and the count's own Fibonacci target. Reward:risk is measured from the middle of the entry range. A setup needs reward:risk of at least 1 : 1. It is research output from the wave count, not a recommendation or a forecast.

Engine details

Analysis engine: pivots-1.0.0+rules-1.0.0+candidates-1.0.0+fib-1.0.1+rank-1.1.0+setup-1.0.1
Bars analysed to: Oct 16, 2026
Price history: Automatic, updated nightly
Daily bars: 514 since Sep 30, 2024
Avg volume, 50 days: 808.4K
Dollar volume, 20 days: $19.2M
SEC CIK: 0001080014
Provider symbols: nasdaqtrader: INVA · massive: INVA
Listing changes: None since Sep 24, 2026

SourcePrices: Massive (end of day, split-adjusted). Listings: Nasdaq Trader, SECUpdatedOct 19, 2026, 8:00 AM EDTMethodSecurity master, daily snapshot diff

Not replayed yet; the track record fills in most-traded securities first.

MethodStructure: the intermediate-degree swing structure (higher highs and lows, lower highs and lows, expanding or contracting). Wave: the preferred daily wave count's expected direction (constructive up, defensive down), unresolved when the alternate is within 5 points. Fibonacci: the nearest confluence zone of Fibonacci relationships and the distance to it (inside, or within 3%, counts as at a zone). Regime: price against its 50- and 200-day averages. Momentum: 3-month return and its lead over SPY (strong when both are positive and the lead is over 5 points; weak when both are negative). Risk: 20-day volatility against the 1-year level (elevated above 1.25×), and the 1-year drawdown and beta to SPY.

Structure at a glance

Daily chart, as of Oct 16, 2026

Since the count's last pivot (20.20, Aug 7, 2026) price has moved +2.9%, the way the count expects.12 of 12 rule-valid counts expect the current move to be up.Weekly count: flat wave C ↓, opposite direction

Preferred count

Zigzag down · complete, next move up ↑

A three-wave zigzag correction down looks complete, so the larger trend would normally resume up.

A-B-C from 25.15, Feb 26, 2026

Pattern Confidence80High

6 of 6 checks met

Key levels, preferred count

Reassess−2.8% from close

20.20

The pattern ended here. A move below it means its last wave is still going, so the pattern isn't complete.

Target, next move+11.9% from close

23.26

Move after the correction retraces 61.8% of A–C

Nearest confluence zone−3.7% from close

19.91–20.11

2 Fibonacci relationships meet here.

Alternate count

Zigzag up · wave C ↑

Price is in wave C of a three-wave zigzag correction up.

A-B from 16.52, Oct 15, 2025

Pattern Confidence71High

3 of 3 checks met

Why this count is preferred · 6 met, 0 not met

Met

Wave B retraces 38.2% to 85.4% of wave A
Wave B retraces under 90% of wave A (deeper B waves fit a flat better)
Wave C travels beyond the end of wave A (a failure is a truncation)
Wave C equals 61.8%, 100% or 123.6% of wave A
Alternate waves are related by a Fibonacci ratio within 5% (wave 5 to wave 1, C to A, or triangle legs at 61.8%), the more reliable kind of relationship
The count starts at the price extreme of the prior swing (a new trend begins where the old one ended)

Not met

None.

MethodPattern Confidence = (guidelines met + 2) ÷ (guidelines measured + 4), from the rulebook's guidelines, Fibonacci tendencies and wave-personality checks (wave 3 speed and volume, wave 5 volume, alternation in time, a start at the prior extreme), alternate waves in Fibonacci ratio, and the rarity of running flats. The alternate is the best-ranked count that tells a different story. It ranks the rule-valid counts against each other; it is not a probability of any outcome.

What changed

Structural events, most recent first

Oct 16, 2026New Fib zoneA new Fibonacci confluence zone formed near 19.75.
Oct 15, 2026Trend changedTrend moved from mixed to downtrend.
Oct 13, 2026New Fib zoneA new Fibonacci confluence zone formed near 19.75.
Oct 9, 2026New Fib zoneA new Fibonacci confluence zone formed near 22.14.
Oct 8, 2026Trend changedTrend moved from downtrend to mixed.
Oct 6, 2026New Fib zoneA new Fibonacci confluence zone formed near 21.77.
Oct 2, 2026Trend changedTrend moved from mixed to downtrend.
Oct 1, 2026New Fib zoneA new Fibonacci confluence zone formed near 19.75.
Sep 30, 2026New Fib zoneA new Fibonacci confluence zone formed near 22.21.
Sep 29, 2026Trend changedTrend moved from downtrend to mixed.
Sep 28, 2026New Fib zoneA new Fibonacci confluence zone formed near 22.21.

Last swing high

24.17

Jun 24, 2026

Last swing low

20.20

Aug 7, 2026

Elliott Wave

Wave counts are built on these swings and each one passes every rule in the rulebook. They are ranked by how many guidelines they satisfy; the preferred and alternate counts are summarized above the chart.

MethodPrice versus its 50- and 200-day averages: above both with the 50 above the 200 is an uptrend, below both with the 50 below the 200 is a downtrend, anything else is mixed. Swings: adaptive ZigZag on daily bars, pivots-1.0.0+rules-1.0.0+candidates-1.0.0+fib-1.0.1+rank-1.1.0+setup-1.0.1.