If ABBV chooses to decline, we are ready.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
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Abbvshort
ABBV 4.618 Rejection After Steep RisePreviously 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
ABBV - Zero To Five Count And Broken TrendlineOn 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 count.
Further more, the Trend line on the daily chart was broken with higher volume, three days in a row. A good confirmation of the move.
Against a short is the fact, that ABBV is in a strong phase compared to the overall market. And the monthly Stochastic has not broken it's average yet.
And because of this AND earnings ahead, my position will be smaller than usual, and I'm loading the boat if after earnings we see more decline in price, combined with price action.
#besmartdonttradeafart