lauralea

ABC Bullish

Long
NASDAQ:ILMN   ILLUMINA INC
126 views
2
ILMN fell from a long term rising narrowing wedge that was obviously bearish ..

Looks to have found a bottom..

ABCD patterns are actually a measured move down and is usually a correction pattern within a larger pattern..

R overhead as there is with any security that has pulled back this far...

The long term trend is up..takes a lot of energy to change a trend..

Bollinger bands are contracting a bit..NV and OBV are high showing interest..short interest 3%

Not a recommendation
Comment: Encountering R after move up today. ABC bullish is a correction pattern. Targets are calculated using the AB leg and fib level 0.38, 0.62, 0.79...in a bullish stock in a bullish market, you can add targets 2 (T2) at 100%, 1.27% and 161%. As a rule, a pull back or overbought conditions ensue after T1..so T 2 are long term targets
Comment: D is the target so this is an ABCD pattern. (someone asked me where D was) When target is hit, at D, it is time to move on unless you are a long term hold type investor that does not sell highs. This is a measured move down or a correction pattern that supposedly goes up at C..so stop goes below C. Patterns fail..like BABA did. BABA is trading in a megaphone pattern at the moment.
The only thing that doesnt change..is change (o:

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