AbbVie - 30d expiry - We look to Sell a break of 132.58 (stop at 137.03)
133 continues to hold back the bears.
132.75 has been pivotal.
Posted a Double Bottom formation.
A break of the recent low at 132.74 should result in a further move lower.
Our profit targets will be 121.01 and 117.01
Resistance: 154 / 157 / 160
Support: 147 / 142 / 137
Disclaimer –...
Previously a rising wedge led to a bullish break out which touched the 1.618 Fibonacci circle level
As of current a rising wedge has pushed price way up to 4.618 similarly to the earlier scenario
And also similar to the first situation we will see a bearish move following this steep rise
The rejection has already begun
On this monthly chart we see the 0-5 count.
In my framework, the framework of the pitchfork, a 0-5 count means, that whenever 5 is reached, there is a high potential for a turn in the opposite direction, starting a new 0-5 count.
On the monthly chart we also see that the CL was reached, and price seems to get rejected. So far a nice combination with the 0-5...
