AMGN’s 60-minute trend is down, but this part of the cycle is the only one in which an additional turn can be take place. It’s rare, but if that happens then the 60-minute uptrend would be expected to run until the end of today. If the cycle does not add an extra turn the the trend should remain down until the end of today’s trading. EDIT: In the short time since I began this post AMGN has shot up, fallen back, and is now moving higher. This behavior indicates the possibility of an extra cycle point. This is not confirmed yet, and I will monitor and advise on it as the situation becomes clear. At the moment AMGN is making new highs for the day.
AMGN’s daily trend is up. As with UAL, both of my non-correlated timing models indicate an end to the daily trend eight trading days from now. The entry for this swing was at $51.40 on August 15th. Assuming a call option with a price of $400 and a minimum delta of 0.6, the profit as of this writing would be over 60%.
AMGN’s weekly trend is up. BUT a weekly cycle high is due now. This part of the weekly cycle is volatile, with the next weekly cycle low due two weeks after the current cycle high is made. Since the daily trend is strong, and the next daily cycle high is due after September 26th, the weekly uptrend should last until then. I will probably close out my position then, and reenter at the next weekly cycle low.