Now that AMGN is breaking lower, let’s take a look at how far down it could go.
The chart shows the terminating wedge pattern. Depending on where the wedge entry is measured, slightly different projections will result.
A fairly conservative estimate is shown.
If we do not get some kind of recovery back into the wedge itself, a measured move projects to the 185-area.
A potential downside breakout was highlighted yesterday. The press as typical, appears surprised by the markets opening lower, continuing lower.
Doing what they do (fabricate a ‘reason’), AMGN’s decline seems to be a political problem … even though its been in a topping formation for years with ever slowing upward trend.
No matter, it’s all about healthcare uncertainty. Tomorrow it may be all about something else.
Wyckoff said over a century ago, the financial press was essentially useless at best and intentionally deceptive at worst.
A hundred years later, not much has changed.
Wyckoff analysis is one of the best kept secrets on Wall St. We’ve been using it to spot market opportunities since 2008. Find out more about Wyckoff analysis here.
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