Beginning to sound like a broken record. I am enjoying seeing how the patterns more or less repeats itself within a major industry sector. Like the currencies against USD are doing a similar thing, so do major pharma stocks. Anyway, Fib goals traced, not financial advice.
I dream to see the formation of the right shoulder. If will give-I will buy without hesitation. The asset is charged powerfully for growth.The wave analysis also gives a good hope to see a decrease within the 2nd wave of growth and, as a consequence, the formation of the right shoulder. Note that the largest volume falls on the 3rd wave, which is one of the main...
1. Bullish pennant developed from earnings gap indicating a potential rebound back previous prices
-Gap provides mast
2. Potential double bottom is in formation also indicating a reversal
-20% retrace between bottoms
-<2% between peaks
ABBV Be careful Potential Complete Zone of Cypher/Shark
Market : ABBV
Time Frame: 1hr
Pattern Template : Cypher / Shark Pattern
Predicted Direction: Short
ABBV updates will be available in the comments section below.
The brief trade analysis presented above is my predicted direction and requires multiple different indicators and confluence...
Interest in this market
ABBV stock- Strong area of support that rallied up to the $125s which clearly shows institutional interest within the 94-98 zone.
1-3 risk to reward whilst still keeping an eye on 85s
Reason for opposing catalyst
Retail Investors had all the there chips in hoping for accelerated approval for the drug Rova-T (Drug) which they forked out...