I wanted to provide a special update devoted to VRX only as I think there’s still a lot of money to be made in this stock. Lets start with the big picture: See weekly chart below.
In April VRX put in it’s low (conveniently soon after even the last hedge fund sold lossing multi-million dollars of its clients’ money…. FYI NorthPost Partners, the trading firm I partner in, would N E V E R do that…). There was then 5 waves up for wave 1/a: at this stage we don’t know yet if it’s a counter trend rally (abc) or new impulse (1-5). But up to the c-wave of a counter trend rally even regular impulse patterns most often apply. So we have a wave 2/b that bottomed in the 61.8-76.4% retrace zone; typical 2/b stuff. We then had a massive up week (launching price back above it’s 200d SMA; and that’s the buy trigger as the chances of good things to happen increase dramatically then; i.e. don’t trade/long anything <200d SMA is the best advice I can give you). The weekly A.I. then also gave an ideal buy signal as all 3 TIs (colored lines) moved from <80 to >80.
Price is now in (red) intermediate-iii of (black) major-3/c. Since iii of 3 is getting very close to the 123.60% extension of Major-1/a, measured from Major-2/b. In such a case, wave-iv often retraces back to the 100-76.4% extension (20.74-18.42) and wave v of 3 then targets the 161.80% extension to complete 3 at $26.82. The weekly chart shows there’s now good support in the green zone (19.50 +/- 25c).
When we zoom in, the price action counts best as completing minor-3 of intermediate-iii. Minor-4 should bottom around $20 before minor-5 targets the $23 level for all of iii.
Thus, “Day traders” can bet on a retrace to $20s for a next run to $23s. Swing traders who are not yet long VRX, may want to wait for intermediate-iv to complete for a lower risk, high reward trade. Long term investors similarly, and those already long from much lower levels (below $18) can stay long until ideally $26-$27 is reached.