I think we are now completing the C wave down before we go up for the fifth wave up to complete the impulse wave. However, no matter how hard I look I cannot see a five wave pattern in the C wave being completed to go in for a long. It seems that now we have the three waves and there should be another wave down if its gonna be a classic ABC, setting for a long. If...
Getting high on the curve but expecting price to break thru supply level
*Entered on the fakeout, but holding stop below all the support at $16.00 (moving averages)
Moving average are expanding nicely to the upside and the bollinger bands are expanding in opposite directions indicating further momentum.
First target $23.00
Unless there is a large move up, could drop below the cloud for only the second time since REDUCE-IT release. This may draw back toward SMA20 currently at $14.59. Now SP is below SMA50. Cloud turning green to red also points to change in trend. Very labile to overall market sentiment as well.
Amarin corporation has experienced a large sell-off recently, but still remains to look quite strong from the big timeframe perspective. Considering a modest positive sentument which drives the market, it may generate a pullback with further testing of 23 area and above.
I think we have witnessed The A and the B part of the correction for the impulse wave in this stock. what remains is the C leg and I think now is a good opportunity to short to around 9 ish range. If we go back to 20 ranges this theory is invalidated and we might be going upwrard again