CELG broke out of its multi-month triangle consolidation on 08 Nov 2016 triggered by the election results.
The election of Trump was deemed to be a boost to Biotech as compared to a Clinton administration.
However, Trump came back firing at biotech stocks resulting in knee jerk reactions.
CELG has since been in consolidation mode.
In my view, the consolidation looks incomplete.
If prices do not break down under its Wave e triangle low, I foresee an resumption of upside above its all-time high of 140.72.
Look out for strong support between 110 and 107.
A break below Wave e at 96.93 will invalidate the upside interpretation.
The election of Trump was deemed to be a boost to Biotech as compared to a Clinton administration.
However, Trump came back firing at biotech stocks resulting in knee jerk reactions.
CELG has since been in consolidation mode.
In my view, the consolidation looks incomplete.
If prices do not break down under its Wave e triangle low, I foresee an resumption of upside above its all-time high of 140.72.
Look out for strong support between 110 and 107.
A break below Wave e at 96.93 will invalidate the upside interpretation.
Though truncation is not very common, truncation implies very strong underlying strength for its next wave in the anticipated direction.
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