Will Wong
Long

LGND-Huge Multiyear Cup n Handle Pattern with first target $77

NASDAQ:LGND   LIGAND PHARMACEUTICALS INC
45 12 2
Thanks to JXMFinancial who posted a multiyear chart of LGND             that shows a very well rounded cup with the handle already breaking up with a first target of $77 and a second target of $118. It appears that 5 waves have been completed from the bottom of the cup to the neckline. A minor 5 wave down and a double abc correction completed the handle. We are possibly starting a new wave I up.
A good /article/2968546-ligand-pharmaceuticals-weakens-the-bear-case#
Reply
What kind of correction is that after V?
Looks like an incomplete flat with the current leg up being the c wave of B, missing a big C down.
Reply
Will Wong IvanLabrie
Thanks for the comment. I am still learning to count EW waves. I think after V should be a standard ABC correction, maybe a 3-3-5 perhaps. What do you think?
Reply
Yes, 3-3-5, looks like a flat, but 3 part corrections also contain impulses in waves a or c, or both...and I think that's what I see here.
flat down where you labeled 1-2-3, I see a(3 waves), b(3 waves), c(5 waves) of A, then 3 part flat up as b of A, then impulse down in 5 waves as c of A.
Then starts B, zigzag up, flat down, then starts an impulse which is c of B, 5 waves, your current violent rally.
It should go down in a stronger C wave decline, which would be a higher degree 5 wave move completing the correction to this very large impulsive multiyear rally, offering an incredible short if correct.
Reply
IvanLabrie PRO IvanLabrie
snapshot
Reply
Will Wong IvanLabrie
Maybe that is the reason LGND has a pretty large short hanging over her. Thanks for your comment.
Reply
EW is really tricky, I'm not that experienced in it but I've had some success with short term counts and have learnt a bit about proportion and the different rules.
I'd suggest other methods for trade decisions though, EW I don't consider that practical.
Reply
Will Wong IvanLabrie
From an EW perspective, you might be right about the massive C down but from a Cup n handle pattern, it could very well be going up to the second target of $118.
Reply
Let me try charting it and see what I get.
Reply
Got a revised count from QuadG over at www.majormarketmovements.com:-

snapshot
Reply
Got a revised count from QuadG over at www.majormarketmovements.com:-
Reply
Found a revised count from QuadG over at http://www.MajorMarketMovements.com
Reply
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out