On this monthly chart we see the 0-5 count.
In my framework, the framework of the pitchfork, a 0-5 count means, that whenever 5 is reached, there is a high potential for a turn in the opposite direction, starting a new 0-5 count.
On the monthly chart we also see that the CL was reached, and price seems to get rejected. So far a nice combination with the 0-5 count.
Further more, the Trend line on the daily chart was broken with higher volume, three days in a row. A good confirmation of the move.
Against a short is the fact, that ABBV is in a strong phase compared to the overall market. And the monthly Stochastic has not broken it's average yet.
And because of this AND earnings ahead, my position will be smaller than usual, and I'm loading the boat if after earnings we see more decline in price, combined with price action.
#besmartdonttradeafart
In my framework, the framework of the pitchfork, a 0-5 count means, that whenever 5 is reached, there is a high potential for a turn in the opposite direction, starting a new 0-5 count.
On the monthly chart we also see that the CL was reached, and price seems to get rejected. So far a nice combination with the 0-5 count.
Further more, the Trend line on the daily chart was broken with higher volume, three days in a row. A good confirmation of the move.
Against a short is the fact, that ABBV is in a strong phase compared to the overall market. And the monthly Stochastic has not broken it's average yet.
And because of this AND earnings ahead, my position will be smaller than usual, and I'm loading the boat if after earnings we see more decline in price, combined with price action.
#besmartdonttradeafart