Bristol Myers Wave Analysis – 30 November, 2021

• Bristol Myers broke pivotal support level 56.00

• Likely to fall to next support level 53.00

Bristol Myers recently fell sharply breaking the pivotal support level 56.00 (which stopped the previous minor impulse wave 1 at the end of October).

The breakout of the support level 56.00 accelerated the active impulse wave (iii) – which belongs to the long-term impulse wave 3 from the start of November.

Given the clear daily downtrend, Bristol Myers can be expected to fall further toward the next support level 53.00 (target price for the completion of the active impulse wave (iii)).