We have been bullish for some time now, if for no other reason that after 10+ years of going down odds would seem to favor a bounce, at the very least. Now the stock is reportedly about to fall of the patent cliff, particularly with lipitor moving down to the pedestrian level. But they did buy Wyeth for that reason , so who knows.
In terms of EW the stock appears to have completed an abc X abc correction. From that low it is either in a new bull market or doing a Y in preparation of another abc. (3 abc’s is the maximum!). We simple do not know! What we do know is that if it a Y, it is likely to be nicely symmetric which would occur at about $22 . If it goes further, up to $28 it could be either situation and beyond that it is a real bull. We will keep an eye on it, but for the time being it should be up.