ALCON - Holding above support at 68-66. BUY signals with break of 71.30, 72 and 74. Could rise to 77, 82 or 87.

Alcon has been very volatile recently. It registered a peak on February 26 at 87. It formed a corrective decline a-b-c to register a crash low on April 7 at 67.34. The decline from March 28 at 85.16 to the April low at 67.34 spanned 1.618 times the length of the decline from February 26 at 87 to the March 14 low at 77.10.
- From the April crash low, Alcon recovered by 22% to the high of May 2 at 81.92. Note that in this a-b-c rise, wave c was equal in length to wave a.
- From the May 2, Alcon again declined to test the long-term support at 68.50 to 68. I can make out a slightly lower support at 66.50 to 65.50. Clearly, long-term investors should sell if this long-term support is broken.
- Because of the importance of the support at 68. I am looking for a recovery rally. Alcon would trigger new BUY signals if the resistances at 71.30, 72 and 74 are broken.
- Based on the correlation of the single waves from the April low, I am looking for a rise to at lest 77.50 if a TRIANGLE a-b-c-d-e is formed. If 77.50 is broken and if a FLAT a-b-c is formed, then the next target will be at 83. Once long, place STOPS at 67 and 65.50.