AMGN (Amgen) Elliott Wave forecast

Trading strategy: We entered long on 31-Oct-2005 at 75.96. Since then the stock went down to 73.84 and then closed at 79.19 at the end of the week. 1. Move stop loss to break even at 75.96. Leave take profit at 99.90. 2. When the price moves below 72.37 resistance, enter short at 72.30 withthe stop loss 73.20 and profit target 58.0. 3. Follow the market and define which scenario is in development. 4. If the market hits the stop loss, we will update the trading plan. Amgen outlook: The outlook for this stock has not much changed since last weekend. Perhaps bullish scenarios have become more probable. However, the price is still in the high probability range of the correction wave 2 of the inverted impulse and it may go down in the nearest future. Although the price is already outside the high probability time range for correction wave 2, it still potentially has about two months to complete.