GILD - great stock but very far from completion of a latrge corrective wave [ 2 ]

I count a rally that started in 1994 and topped in 2008 as the wave [ A ] up.

A corrective wave [ B ] down bottomed in 2010. And the following rally in wave [ C ] up topped in 2015.

Together those huge [A]-[B]-[C] waves comprise a wave [ 1 ] up.

GILD - Weekly chart updated on 18 November 2018

Off the top reached in 2015 we have been in a corrective wave [ 2 ] down. Its first leg of decline in the wave ( A ) of [ 2 ] bottomed in June 2017.

Since then we have been working on an ugly shaped wave ( B ) up. That ( B ) up is shaped as A-B-C structure and we may have made waves i and ii of the final subwave C of ( B ) up.

In general waves B inside corrective waves are the least predictable waves with an ugly structure. Therefore, I can not call it a great long setup. In case you decide to give it a try you should watch support of 64.25 as your hard stop.

GILD - Weekly chart updated on 18 November 2018

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