NYSE:VRX VALEANT PHARMACEUTICALS INTL I
4 months ago
The fundamentals are a mixed bag on this one, but this is emerging into a clearer trading pattern. I wouldn't get too excited over this one yet because it really needs to show us a Wave 4 pullback followed by a 1 v 5 move to the upside. It is moving through each progression at a quick clip so any position either long or short needs to be nimble and well anticipated. Going short at fib resistance on Wave 5 might be a good play, but until we see the extent of the move on 'A' we won't have a good gauge on what the full move down will look like. A less frenetic play would be to wait until we see a 3-wave corrective wave play out followed by long triggers go long, or wait for a follow-on wave 2 to take a long position into wave 3.
2 months ago