ABT – Abbott Labs (Last:50.19)

Abbott Labs shares bounced just above a midpoint pivot on Tuesday, making the sibling “D” target look like a buy if we get the chance.  ABT finished a respectable bullish impulse wave on January 20 and has been trending fitfully lower since then, appearing on the weekly chart to be probing for a “C” point.  On the daily chart we see a bearish pattern whose midpoint at 49.67 turned the stock back upward just yesterday.  If the decline resumes, however, traders should buy the “D” target of 47.75 with a bid at 47.80 and a stop at 47.69.  (Posted by Doug McLagan)  _______ UPDATE (May 6, 03:54 p.m. EDT):  The reported low of the day for ABT is different depending on the source, but the chart makes a sub-$46 low look like a data error.  Other than a single one-minute bar, the chart has not quite reached a low of 48.00.  But due to the confusion and to the wild trading conditions, we will cancel this recommendation.