AMGN Elliott Wave Update

Trading Strategy 1. Move stop loss to 78.5 to lock in 50% of the profit. 2. Watch closely AMGN behavior during the week - although it has a potential for further growth, the stock is in the overbought territory and one can not exclude correction in the nearest future. 3. If the stop loss is hit we will update the outlook. AMGN outlook Apparently, we observe Scenario 2 in progress with the potential target area at least above 85.4 and likely above 92. At this moment there is no solid background for more accurate forecast of price target zones. In the very short term a mild correction is possible during the next week. Depending on the price action we will either keep our long position open or will exit by locking 50% of profits and will seek for an opportunity to re-enter long again at lower price.