Everyone is maybe concerned about Pharma stocks. Recently I marked wave 1 as complete but wave 2 was very small. Now with today's decline maybe its time to consider if the weekly cycles will play out and wave 2 gets deeper. If we break 18840, the 20-week average we can drop to the 40wema at 17400, Weekly momentum was already in sell mode and the question was whether this sector will advance with the rest of the market. Well maybe not. Defensive takes a back seat in risk assets. But long term pharma is in an uptrend and after wave 2 down wave 3 up will unfold. As always when the rest of the market loses momentum pharma will come back. Weekly chart below with the momentum indicator.