Will Boston Scientific Corporation (BSX) continue further upside?
|Boston Scientific Corporation (BSX) develops, manufactures & markets medical devices for use in various interventional medical specialties worldwide. It operates through MedSurg & Cardiovascular segments. It offers devices to diagnose & treat different medical conditions and offer remote patient management systems. It is based in Marlborough, US, comes under Healthcare sector & trades as “BSX” ticker at NYSE.
BSX favors upside in impulse sequence started from March-2020 low & trading at all time high. It expects short term upside within the sequence from October-2023 low to finish the wave I. Later, it expect to correct in II as long as the momentum divergence remains intact.
BSX – Elliott Wave latest weekly view
Above (II) low of $24.10, it favors higher in I of (III) as impulse sequence. It placed ((1)) of III at $47.49 high in April-2022 as diagonal sequence & corrected lower in ((2)) at $34.98 low as 0.5 Fibonacci retracement of ((1)). It extends higher in ((3)), which ended at $55.38 high in September-2023. Within ((3)), it placed (1) at $43.52 high, (2) at $37.74 low, (3) at $54.74 high, (4) at $49.69 low and finally (5) as ((3)) at $55.38 high. It ended ((4)) at $48.35 low on 10.13.2023 low as slightly above 0.382 Fibonacci retracement of ((3)).
Currently, it favors higher in ((5)) of I as it broke above ((3)) high & expect further upside towards $57.05 – $59.75 area as possible minimum extension to finish I before it may correct in II sequence as long as high comes with momentum divergence. Alternatively, if it extends higher & erase the momentum divergence, then it can be the part of ((3)) of I, expecting further upside within I. We like to buy the pullback in 3, 7 or 11 swings in II at extreme areas against (II) low.
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