AMGN Elliott Wave Update 12-26-2005

Trading strategy Keep long position. The invalidation point for this scenario is at 77.21 slightly above our stop loss. ...Read more AMGN Elliott We had quite a tough week with respect to our Elliott wave forecasts for AMGN and AA. AMGN limit order at 78.05 was filled but then the stock changed its direction and hit stop loss at 80.70 which transformed to 3.4% loss. After that we entered long position at 81.05 with the stop loss at 76.65. The recent activity let us think that we are still within our preferred scenario and zig-zag pattern was not completed. However we can be sure about it only when the price will make a new high above 84.5. Within this scenario our target zone is at about 90. We keep current long position. There is one observation from the last week – we were trading outside our time frame. In the future we should ignore Elliott Waves of such order and use them only to define probable entry and exit points in our longer term positions. amgen amgn stock elliott+wave technical+analysis trading