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):
VRX weekly chart (EOD):