We got to $28 today. a lot more to go, see previous blog.
Here is a slightly different take;
The end result is not materially different. The Yahoo chart has a lower resolution and consequently the highs and lows and also the overlap do not show as well as on the Bigchart. If this is a triangle plus a smaller wedge, or just one big wedge is not relevant to the outcome, which is about $10 either way.
See our June 25th previous blog. So it did not take long to reach the rough target of about $15. At this level you are within $1 either way for an ideal target provided by a 3 year target and a completed 5 wave sequence over the past 9 months. A rebound here of $5 to $10 is easily achievable.
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They are in the pharma, healthcare etc. business. We do not like it at these prices. The count is not perfectly clear but there are at least three “wedges” and the stock is doing the Mnt. Everest thing with a high of $97.23 . A sustained break of $90 could lead to $65 in a very short period of time, lower levels after that.
A count not shown would be a large B-wave from the lows of 2000 at about $17. The risk/reward is simple not here. Time to sell.
Like COH below, this is another member of the $5 to $75 club. Who said we were in a depression. The Fed is creating another bubble as it pursues it’s third mandate, the first two are already irreconcilable as they are mutually exclusive (inflation/interest rates and full employment) and adding a third, surreptitiously through the backdoor, but nevertheless quite openly and deliberately, will just serve to confuse all and mostly the Fed itself.
The big picture is less clear, on the other hand wave A down is very clear. They will be buying more of their own stock which is almost always done at too high a price. Expect the rebound to get to about $61, then wave C should start.
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