AMGN (Amgen) Elliott Update

Trading strategy 1. Look for an opportunity to open long position when the price drops below 80 (preferably at 79) when it is supported by an oscillator signal in the oversold territory. 2. Stop loss 73.15. ...Read more The price pattern is unfolding within our preferred scenario. Long and medium term outlook did not change. It seems that we closed long position right after the end of the fifth wave and now we are to search for an opportunity to enter long again once the correction pattern is completed. Current very short term outlook assumes a Wave (C) of the Intermediate degree Zigzag that is expected to complete in the price range 75.02 to 80.81, but more probably between 77.86 and 80.35. This wave is most likely to complete sometime between 02-Dec-2005 and 06-Dec-2005. Note that it cannot complete until 02-Dec-2005 but must complete by 09-Dec-2005. This might be the final wave in the pattern. When completed it will also finish wave 2 of the higher degree Impulse. Although there is a possibility that the correction wave 2 will be a sideways pattern, we can not identify this now because even the starting phase is not finished. Nevertheless, the latter option can also provide a chance to pull out some profit from the potential move upwards.