BioMarin Pharmaceutical (BMRM) has gone up in 3 waves since the March crash and has been bouncing off the current support level for the past week. This support line is 100% from 1st wave and 61% from wave two. They have their trial drug BMN 270 for rare genetic disease Hemophilia A under priority review with FDA and expected action date of 21st August. (refer link: www.prnewswire.com/n...-2020-301008771.html). Technical's don't look great, volume is lower than normal and the trend line from March has been broken to the downside, however it seems like we may be seeing consolidation now prior to FDA decision. My assumption is we could see ~$136 - $137 share price with a positive FDA decision, so call options around $130 level look attractive. This price estimation comes from FIB extension target of wave 1(level 1.618) and wave 3 (level 0.618).
The main technical at play here for me is Fibonacci extensions, as I'm no expert on Elliot Wave but can see that this has clearly moved up in a wave sequence so if there are any Elliot Wave guru's out there reading this I'd welcome your thoughts on this?
The main technical at play here for me is Fibonacci extensions, as I'm no expert on Elliot Wave but can see that this has clearly moved up in a wave sequence so if there are any Elliot Wave guru's out there reading this I'd welcome your thoughts on this?