BIIB has announced results on 24/10/17, beating top and bottom line expectations but stock still gap down and closed 3.9% down.
Prices fail to break above the top of the measuring from Minute Wave ((a)) and reverse from the 100% similarly from Minute Wave ((a)).
This is strong evidence of the relevancy of Minute Wave ((a)).
From a technical view, BIIB has seemingly completed a textbook A-B-C consolidation.
The recent high on 18/10/17 appears to be the final consolidation high.
Stock might attempt to retest this high $348.84 before continuing falling.
A successful re-test of this high will bring the stock down to its 24/06/17 low at $205.42.
A break above its recent high $348.84 will invalidate this analysis and imply a more complex consolidation on a larger scale.
Prices are likely to test the Key Resistance Zone within the next few days.
A failure to break and close above this zone will bring prices down below $300 and less.
Watch for the upside volume as the prices test this zone.
As long as prices do not return to its near term high of $348.84, the stock is more likely to break downwards.
Watch for a break of the low of the triangle to enter short with SL at its recent high at $348.84.
Once prices break below support zone, it will head towards a upsloping trendline where it could find temporary support.
But bias remains bearish.