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Showing posts with label CELG. Show all posts
Showing posts with label CELG. Show all posts

Tuesday, August 13, 2013

Elliott Wave Analysis of CELG (Celgene Corporation)

This stock caught my eye, its got a great looking text book 5 wave advance.

Its showing a large RSI div, i suspect its ended a larger 5 wave move from 1998.

So potentially this could be on its way back to the $75-50 area.

If you are long you may want to take your $$$, its had a good run but all trends come to an end.

Short term off the highs there is a 5 wave decline, so we have some evidence of a trend reversal.

If the next bounce is in 3 waves it can set it up for more downside, so the bulls want to take note of the next bounce. If its in 3 waves that's not a good sign.