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Showing posts with label IRSG. Show all posts
Showing posts with label IRSG. Show all posts

Monday, March 5, 2012

Elliott Wave Analysis of Intuitive Surgical Inc (IRSG)

Up until a few hours a go, i never even knew this stock, (shows how much i pay attention to US stocks)

So as it was mentioned in the comments in my last article about AAPL, i thought i would take a quick look and see what sort of chart it looked like

Now i don't know what this stock does or what profits or losses it makes, frankly i don't understand that sort of stuff

I am not a stocks trader, i trade price and price alone, i don't know nothing about the "funny mentals" i could not even tell you how to work out a PE of a stock

Hence you will never ever see me mention about the dark side of stocks.

Anyhow, as soon as i saw this i was like woooooo, now that is a clean pattern

Thats virtually a text book 5 wave advance, it has some clean wave structure and the RSI divergence between the suspected waves 3 & 5 is a great edge

There is more, check out the fibbo relationships between waves 1 and 3, thats a great 2.618 fibbo extension target hit, then the 1.618 ext hit for the smaller "3rd of 3rd"

3rd waves in general either hit a normal standard 1.618 extension of the 1st wave or they extend to the 2.618 extension of the 1st wave in a 5 wave sequence, you can use those fibbo targets to try and work out where the end of a 3rd wave will end

If i was a stock trader, i would be seriously looking to buy puts or some sort of vehicle, as if stocks are setup to reverse, i suspect this goes down quickly

I will follow this with passing interest

You don't get much better looking examples than that, i see those clean patterns on FX not stocks

A great looking 5 wave Elliott Wave pattern

I think at minimum you would see $470-460 or lower if this idea is correct, a strong break of $510 is the 1st clue