Shares of Valeant Pharmaceuticals (NYSE:VRX) traded near $25 just a few weeks ago. The run to $25 started from $11 and was non-stop for two-plus months. Investors should have been expecting a pull back and they got it. The question now is, where is it a buy? The answer is $17.75. Not only is it the former pivot high from July 2017, but it is also a 50% Fibonacci retracement point. With both factors coinciding, it alerts investors to major support and likely the start of the next leg up.