In this Analysis, we will have a look at the Bausch Health stock.
BHC ended the cycle from 03/01/18 (14.45) low at the peak of 06/13/18 (27.77) in black wave ((1)). Below from there the stock is currently correcting the cycle from 03/01/18 low in 3-7 or 11 swings in black wave ((2)) before more upside can be seen.
Near-term BHC ended the cycle from 06/13/18 peak at the low of 06/25/18 (22.39) in blue wave (W). The internals of blue wave (W) unfolded has structure which ended red wave A at 06/19/18 low (22.96), red wave B pullback at 06/21/18 peak (25) and red wave C of blue wave (W) at 06/25/18 (22.40). Up from there, it ended blue wave (X) pullback at 07/13/18 peak (24.45). Below from that peak, it ended the cycle from 07/13/18 at 08/01/18 low (21.46) in red wave W. The internals of that move unfolded has a double correction where it ended black wave ((w)) at 07/16/18 low (22.49) and black wave ((x)) pullback at 07/18/18 peak (23.55).
Below from there, it ended black wave ((y)) of red wave W at 08/01/18 low (21.46). Up from there, it is in the process of correcting the cycle from 07/13/18 peak in 3-7 or 11 swings in red wave X before the next extension lower can be seen. As long as the at 24.45 peak in our distribution system stays intact, we expect it to extend lower. We don’t like buying it.