After an impulsive advance (XA) from the Oct 23 low, CSL has traced out a 3 wave ABC corrective structure. ABC Corrective structures are typically consolidations before the previous trend resumes. In the last 4 months price has been trading in a range between $289 & $274. If you look at the Megenta 18 MA line on my chart it is finally rising. The last 2 pullbacks are all meeting a rising MA (bullish price action !!!). We have also overlapped the first swing (OA).(bullish price action !!!!). The candles above $289 seem to be absorbing the selling & consolidating the move higher. The best indicator of price wanting to move higher is for prices to contract first (in a tight range) or should start to see narrow range bars. I agree earnings will have an impact on price in the short term.
CSL Price at posting:
$292.22 Sentiment: Buy Disclosure: Held
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