Celgene (CELG): Expect a Wave B Bounce

SUMMARY

Celgene (CELG) has done a sizable runup with its impulse five wave up (white). Now, there are multiple ways of counting this chart but I've selected the impulse as shown. The alternate is a potential Expanded Flat but won't go into details on that. However, if wave 5 is correct, then the current swoosh in decline must be some type of an A wave down.

With the subwaves entered, the larger degree of trend impulse markings are qualified. The ABC (red) waves are likely to be ZigZag. I believe the red A wave is nearly complete as the MACD is quite oversold. This should lead to a sizable B wave bounce. What would cause such a large price bounce? I don't know but news or events should arrive to justify the forecast.

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