Amgen (AMGN) was covered in the last update as having a wedge breakout to the downside.
Price action then promptly reversed back into the wedge, giving the equity a new lease on life.
At least, that’s the way it looked at the time.
If we pull out to one time frame higher … the weekly, and look at AMGN, the reversal set-up and possible channel(s) are clear.
The terminating, rising wedge is there. However, we can see several trend-line symmetries.
Taking the solid blue trend-line (right side) and bringing it backward (dashed lines), sometimes referred to as “reverse trend-line”, there’s symmetry in the AMGN set-up.
We may be witnessing the strategic reversal of AMGN which has already developed a massive trading channel.
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