Elliott Wave Analysis Merck & Co (MRK)

The advance like many INDU components is potentially showing a 5 wave move for an impulse wave. Whereas many stocks and the INDU start their respective wave [5] at the Feb 2016 lows, with this stock it counts best that wave [5] starts from the Aug 2016 lows.

Very short term it would look better if a little more weakness towards 60.00 – 58.40 to end wave 4 of [5], then we want to see new highs for wave 5 of [5]. Whilst there is a way to suggest a high could be in place for the end to wave [5], unless I see a break under 55.34 I favor a bit more upside after a small dip towards 60.00 – 58.00. Once we can count 5 waves in place from the 2009 lows, its then I am expecting a significant correction to correct the bull cycle from the 2009 highs.

Alt idea (not favored atm).

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The content of this website is for educational purposes only, the information supplied shall not be construed as a recommendation to buy or sell any security or financial instrument. Wavepatterntraders will not be held responsible for any losses occurring from the information provided within the website. The information expressed within the website is solely the opinion of the author/owner. Wavepatterntraders are not registered investment advisers. Members are strongly urged to consult an investment consultant before making any financial decisions or investments.

Futures trading in stocks, Forex and commodity markets carries a high level of risk and past results are not indicative of future performance, trading may not be suitable for everyone. Information supplied maybe copied or reproduced with the permission from the owner, providing that the full attribution is given to the original source and have the acknowledgment of wavepatterntraders.com or its owner.

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Elliott Wave Analysis Merck & Co (MRK)

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