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.

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