Mylan - looks like a great LONG setup

Mylan NV is a generic pharmaceutical manufacturer which develops, licenses, manufactures, markets and distributes generic, over-the-counter (OTC) products in a variety of dosage forms and therapeutic categories. Mylan is one of the world’s largest generic pharmaceutical manufacturers with operations in the United States, Europe, Asia, Middle East, Africa, and Australia. Generic drug sales constitute approximately 90% of revenue.

I have been counting a corrective rally in MYL for months. I count the top at 76.69 made in April 2015 as the top of the large wave [ 3 ] up. Off that top we had a corrective looking decline clearly structured as (A)-(B)-(C) move down. That decline bottomed right into my target box ( see the blue target box on the chart below ).

I count the strong rally shaped as a-b-c off that topped on  01/19/2018 as wave 1 off the low. And then we saw a complex correction shaped as W-X-Y that I count as wave 2 down. The gap up on 11/08/2018 confirms completion of the correction. And now we have just filled out that gap up.

I really like that setup for continuation of the rally. Hard stop is 30.30.

 

 

MYL - Daily chart updated on 21 November 2018

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