Immunogen (IMGN) is experiencing a 5 year uptrend which consists of annual peaks and valleys occuring at regular intervals.
I have observed bullish ralleys occuring from November - July, noted by green arrows and the length of the rally below. From July - October the bears take over and push it down to a higher low.
the net effect of these interchanging bull and bear rallies is higher lows and higher highs. The first half of 2014 should be fun.