BMY has completed the first set of wave A after completing 5-wave internally. Currently, price action suggest that we may be staging a larger set of wave B as there is strong v-shaped bottom supported at 61.8% retracement level from 37.00-62.80. Furthermore, the larger structure is showing a strong higher low in formation. Hence, we are looking at 50.62 as our 1st TP and 59.60 as our mid to long-term target.
Trade closed manually
Target fails to close above resistance at 50.62. May head lower and test 43.10
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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.