ABBV has been consolidating in the triangle range since its high in Jul 2015.
RSI has found support at bull market support at 50-60 zone and is turning up.
A successful and strong break of (b)-(d) trendline and preferably high of Wave (b) will imply the completion of the consolidation and start of a new uptrend to new highs.
A break of Wave (a) low will invalidate this projection.
RSI has found support at bull market support at 50-60 zone and is turning up.
A successful and strong break of (b)-(d) trendline and preferably high of Wave (b) will imply the completion of the consolidation and start of a new uptrend to new highs.
A break of Wave (a) low will invalidate this projection.
Note
Price has broke out strongly in a breakaway gap.Watch for sustained upward momentum towards its all time high at $71.60.
Note
A slight adjustment of the wave labelling depicts that ABBV has not fully broken out of its triangle.There are 2 options:
(1) Minuette Wave e is completed and ready for upside break.
(2) Sub-minuette Wave e is not yet completed and will extend slightly further before resuming its projected upside breakout.
In summary, both options favour a upside break.
Key Support: A break of key support $55.06 (dotted Red) will open up options.
Note
ABBV has broken out of triangle consolidation.Trade at your own time and own target.
Happy Profits!
Trade closed: target reached
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.