SUMMARY
Regeneron (REGN) is another biotech which I don't often analyze but the chart seemed impeccable in its Elliott Wave sequence. The initial impulse rise has been quite interesting because the five waves led to an ABC flat corection. The Flat type is when the A wave is made up of 3 subwaves usually labeled as ABC. In the below chart, the abc is quite distinct as the subwaves of red A. Red B is also consisting of 3 subwaves of abc. The red C wave down always has five subwaves and that is the norm for an ABC sequence.
In this chart, I've labeled the subwaves of the C down. The five waves (white) show that all excep wave 5 has been placed. That means that once wave 5 is complete, a price turn is expected. To this end, the MACD is a bit oversold so an incremental dip could suffice before a trend reversal. Let's see how the next few weeks play out.
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