SUMMARY
ABBVIE (ABBV); the spinoff of Abbott has delivered 3.9x return since the separation. In stock terms; that a fantastic return! Can it keep going?
The below shows the actionary and reactionary subwaves of a higher degree of trend impulse. The ABC was an expanded (3,3,6) ABC type of correction which often signals a midterm consolidative correction and sure enough, price chugged up towards $126 before kicking off a major correction.
The purple waves designate the higher degree of trend Elliott Waves and purple (3) seems to be complete. So the purple (4) corrective sequence is in progress. The ABC red sequence is one of 34 potential combinations the correction can take. Once complete, purple wave 5 is expected to allow higher highs and all time new highs.
The MACD is curling up and this indicates that the red B wave could be started. The red B should provide a nice retracement. Now, when is the best time to buy? To me, it's always at the terminal ends of a correction. So, would wave C terminal end be a good time to buy?
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--
