Madrigal Pharmaceuticals (MDGL): Pattern & Waves Show Higher Highs Likely

SUMMARY

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This post presents the patterns, Elliott Waves and Indicator for Madrigal Pharmaceuticals (MDGL) to analyze price direction for potential higher highs. The below chart shows how price broke down from a symmetrical triangle (blue lines) and proceeded to pattern out a rounded bottom formation. Note that this pattern took over 2 years to form! The Handle formation started once the initial impulse rise completed and recently, the massive surge! Wow!

I've added the Elliott Waves and thus far, as shown by the purple waves, waves 1,2 are complete and 3 is in progress. Purple 4 and 5 should bring about higher highs.

When adding the indicator, a buy signal was generaated and the dip for purple 4 should not be significant given that purple 5 will be led to potential all time highs.

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Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?

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