EVH bounces off support.

Hello,

What is EVH?
Evolent Health, Inc. engages in the provision of health care delivery and payment services. It deals with population health management, health plan and third party administration, network performance and pharmacy benefit management, risk adjustment, analytics and performance improvement, and technology and electronic medical record integration. It operates through Services and True Health segments. The Services segment includes clinical and administrative solutions such as total cost of care management and specialty care management and comprehensive health plan administrative services. The True Health segment offers a physician-led health plan for employer-sponsored health coverage. The company was founded by Frank J. Williams, Seth B. Blackley, and Thomas Peterson III in August 2011 and is headquartered in Arlington, VA.

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My Thoughts For You
Currently, we can see on this chart that EVH has bottomed and made a climb up, corrected then found support at the golden ratio. The price appears to be slowly moving up towards our target in this ABC correction. Giving the nature of this bearish correction I believe that bottom is behind because when I zoom out, I see the makings of an expanded flat.

The B wave retraced the A wave by 1.38% which is the correct fib level for an expanded flat. This of coarse can't be realized until we break key resistance levels on the way up. So if this pans out, then going long here isn't a bad idea. Keep in mind that having a proper stop is necessary and should be moved up when you see the price making a higher low. Then you could move the stop up to just above your entry price and be risk-free.

Good Luck, Cheers!

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