ACADIA Pharmaceuticals Inc Enters Wave 3 of Elliott Wave Cycle
Recognia has detected that ACADIA Pharmaceuticals Inc (ACAD on NASDAQ) has entered Wave 3 of its Elliott Wave cycle. This bullish signal indicates that the price may rise from the previous close of 38.85 to the next Elliott Wave target price of 47.30.
Wave 3 of the Elliott Wave cycle is the third and typically the most powerful move in the five wave trend. This move is in the direction of the overall market trend (either bullish or bearish). By definition, Wave 3 cannot be the shortest of the three impulsive waves and should as a rule have greater volume then either Wave 1 or 2. For stocks, Wave 3 is usually the longest and most trade-able wave in the Elliott Wave cycle. The Wave 3 target price is determined using Fibonacci ratios and should typically be 1.618 or more times the movement of Wave 1.