AbbVie Bearish Butterfly

28 Mei 2021

AbbVie has been on my radar now for quite a bit. It’s one of the few Pharm. companies Warren Buffet holds and even know I’m not strong in the realm of Pharm. I have seen their marketing on TV increase quite a bit. Since I am away from my computer at the moment and posting from the TradingView App. I do not know their financials right off hand. I will update this idea with that information later. However, here we have a bearish butterfly. The pattern panned out super nicely. Once the pattern completed it made a little bit of a consolidation and dropped yesterday heavily. I will be looking at buying some AbbVie once it hits the 618 of the pattern structure… if the movement looks weak (not likely based off the strong sell off with high volume) I think the 618 is likely. All the other numbers that made up the PRZ were over projections of the traditional ABCD pattern (2.0) and a 1.618 over extension. So the massive sell off with high volume is not surprising… be looking out later today for the financial report this does not mean I am saying AbbVie is going to the ground but it is a nice little correction that we long term investors can take advantage.