Although 1 day doesn’t make a trend, it sure can start one, and today’s price action has me seriously wonder if Primary IV bottomed in December last year. Also, I’ve been constantly looking for this elusive C-wave down to lower lows and it just doesn’t happen, and hence at some point one has to entertain alternative possibilities and start to abolish the old ways. IF primary IV did bottom then there’s a good case to be made for major 1 being a leading diagonal (1st and 4th wave overlap and the 3rd wave is not the longest. Major 2 then made an irregular flar correction with price finding support at the $95 level. Since then 5 waves up can be counted.
click chart to enlarge
In addition, the weekly chart starts to look bullish again, albeit GILD still officially being in a down trend. All TIs are pointing back up and the MACD is about to give a buy crossover; the first one since the sell crossover made in October last year. Price found support at the 50w SMA 3 weeks ago,as it did in April 2014, and has now managed to get back above the 20w (and 20d) SMA. A break above $107/$108 will certainly mean a re-test of the ATH at $117ish. Howeverm by then I think we should set our sights on $145… Earnings are due next week Tuesday April 28; that could become very interesting.