Price action itself has negated the breakdown scenario in Amgen (AMGN).
Instead, we now have a wedge that’s forecasting a move higher.
Using a measure move off a wedge breakout (yet to occur), we can project AMGN to the 290 area.
The expectation is the overall biotech index (IBB) will move higher as well. If so, there’s a potential to form a bearish weekly MACD divergence if IBB makes new highs.