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VEEV, Long to 358 USD. An easy long setup !

Long
NYSE:VEEV   Veeva Systems Inc
VEEV is on the way to 358 USD ? Surely it is possible !

VEEV may have started the new up going wave ( labeled wave 5 ) bouncing back from 50 % retracement of the last rally ( labled wave 3) and after completion of an abc form of correction. If true it will go up to complete the up going Elliott wave cycle around 358 USD. Target may need update later based on internal structure of up coming wave 5.

Stochastic indicator has recently made a bullish reversal in oversold zone in daily time frame. A small bullish divergence can be noticed on indicator as well.

Taking out 307. 05 minor high will strengthen this analysis and confirmation will be taking out labeled wave (b).

Besides all these bullish signs, market may choose completely different path for VEEV . Therefore we set our stop loss carefully if we decide to open a long position.

Trade set up:

Position : Long
Entry : Current prices or you can wait for mentioned minor high to be taken out.
Stop Loss : 293.2
Target : 358
Reward to Risk : around 8 ! if you enter at current prices.

Good luck my friends
Trade closed: stop reached