$BMY – Massive Monthly Double Top In Progress?Bristol Myers Squibb, Co. ($BMY) Weekly: After a big drop in price mid 2016, $BMY further corrected through 2017, following a fairly well outlined ABC movement, and now appears to be in a downward Motive Elliot Wave pattern. Fib extensions show a possible move down to around $38, then a further move down to $32 to revisit old support levels, set back in a lengthy sideways move between 2013-2011. We should see some support near the $48 area in the near term, where there is this 8 year trendline support, but failing to hold that level, I would expect it to hit its Fib/EW targets as shown.
Bristol Myers Squibb, Co. ($BMY) Monthly: Looking at the monthly chart outlines just how far $BMY can go. After having hit this massive monthly double top back in July of 2016, with the other head having established itself back in late 1999, it seems likely that we will see lower levels going forward for Bristol Myers. Now, it should be noted that not all tops come to realization just because one seems to exist, and the chart appears to be pointing that way – if that was the case, the markets would always stall out and move sideways, making slow upward moves over time. The key levels noted above in the weekly chart are points where $BMY can turn and move higher. For example, it CAN bounce off that trendline support and make an inverse Head and Shoulders and move back to the $68 levels and beyond. Keep eye on these levels and if they are violated or held. That will be the key to its next moves.
