Amgen Elliott Wave Update (closing long position)

Trading strategy Probably the trading strategy in this case strongly depends on the psychology of the investor. It may be a good idea to keep the stock and wait for the wave 3. However wave 2 has very good chances to complete below out current stop loss locking smaller profit. I would fill more comfortable by closing this position at the market open on Monday. 1. Close position at open. 2. Look for an opportunity to open long position when the price drops to about 80. ...Read more Elliott Analysis for AMGN Long and medium term outlook did not change. In the short term we have probably observed the end of the fifth wave of the impulsive structure and the beginning of the correction pattern. It is not very likely that this fifth wave completed zigzag in the longer time frame because price did not touch high probability zone of the zigzag and high probability price zone of the double zigzag in even longer time frame is still to be touched. Therefore in the short time frame we are probably observing Wave 2 of the Impulse which should complete in the price range 73.13 to 83.0219, but more probably between 78.1328 and 81.9986. This wave is due to complete anytime from now until 03-Feb-2006, but is most likely to complete before 30-Nov-2005. After this wave 2 is complete, expect the stock to continue up into wave 3. Wave 3 should always be an Impulse and should retrace wave 2 completely. Expect wave 3 to retrace wave 2 by 164% - 383%. Wave 3 can also be expected to be 83% - 383% of the price length of wave 1.