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November 5th, 2015: VRX Initial Wave Count

Posted by pugsma on November 5, 2015

4:40 pm EST:  Some stocks, particularly in the bio-tech world, have really be beaten up during this Cycle 2 wave correction.   VRX (Valeant Pharmaceuticals) a hedge fund darling traded at 73.32 today, which is down over 72% from the August 2015 high of 263.81.  VRX has some long-term weekly chart support in the 57 area and the 78% Fibonacci retrace for Cycle 2 (C2) comes in at 63.22.   On the 4-hr chart VRX is showing a 7-wave pattern down off it’s 263.81 high, which is a potential corrective double Zig-Zag wave.

VRX 4-hr chart (EOD):

PUG VRX 4-hr EOD 11-5-15

VRX weekly chart (EOD):

PUG VRX weekly EOD 11-5-15

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