FabienGo

AMRX - WXY pattern ongoing ? possible swing for longs

Long
NYSE:AMRX   Amneal Pharmaceuticals, Inc
Interesting patterns on that one:

ABCDE triangle with good fibo proportions: BC=61,8% of A, DE=61,8% of BC
---> usually a triangle is a 4th wave or a B wave
---> I assume here it is a B wave since I don't see the other possibility with the 4th wave
Therefore the high at 7,45 could be a C
---> good porportions with A=C
---> but looks more like corrective (ABC) and not impulsive
But let's assume this whole pattern is (W) then

a wave (X) is following as an ABC correction with good fibos again:
A=C
(X)=32,8% of (W)

let's dream and assume this may be correct then an impulse A is coming followed by a B and a C to finally close the WXY pattern
--> would mean short term 6,85USD (1,618 fibo level of the ongoing impulse)
--> middle term about 9 so (Y)=(W) ?

Invalidation under the wave 2 (4,7USD)

Risk reward Ratio=2,3
entry = 6USD (5,9 right now)
target = 9USD
stop = 4,7USD
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