BAUSCH Elliott Wave View: Pullbacks Should Remain Supported
Good afternoon Traders,
BHC short-term Elliott wave analysis suggests that the pullback to $20.28 low ended black wave ((2)) pullback.
Up from there, it is in a possible 5 waves Elliott Wave structure higher. The first leg higher in black wave ((i)) ended at 09/13 peak (24.13). The internal structure of that move unfolded as a 5 wave impulse.
It ended blue wave (i) at 09/11 peak (20.98), wave (ii) pullback at 09/11 low (20.67). Above from there, it ended the wave (iii) at 09/12 peak (24.12). Below from there it ended blue wave (iv) pullback at 09/12 low (23.22) and above from there it ended blue wave (v) of black wave ((i)) at 09/13 peak (24.12).
Below from there, it ended black wave ((ii)) pullback at 09/17 low (22.07). The internals of that pullback unfolded as an Elliott Wave double correction in blue wave (w)-(x)-(y). Up from there it ended black wave ((iii)) at 09/21 peak (25.26) and the pullback in black wave ((iv)) at 09/25 low (24.32) after reaching the 100-123.6% extension area from 09/21 peak. And any long trades from that area (blue box) should be risk free by now. As long as it does not break 09/21 peak (black wave (( iii )) ), a double correction lower in black wave ((iv)) can't be ruled out.
As long as the pivot at 20.09 stays intact we expect the stock to extend higher and we don’t like selling it because the right side is to the upside.
