Sep 18, 2020, 7:53:25 AM
American Express Co.: wave analysis
The price may grow.
On the 4-hour chart, a downward correction of the higher level formed as the fourth wave (4) of A, and the development of the fifth wave (5) of A started, within which the first wave of the lower level 1 of (5) forms. Now, the wave v of 1 is developing, within which a local correction is ending as the wave (ii) of v. If the assumption is correct, the price will grow to the levels of 115.00–120.00. In this scenario, critical stop loss level is 96.83.
Main scenario
Long positions will become relevant during the correction, above the level of 96.83 with the targets at 115.00–120.00. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 96.83 will let the price go down to the levels of 89.44–76.75.
Scenario
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Timeframe
Weekly
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Recommendation
BUY
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Entry Point
104.75
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Take Profit
115.00, 120.00
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Stop Loss
96.83
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Key Levels
76.75, 89.44, 96.83, 115.00, 120.00
Alternative scenario
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Timeframe
Weekly
-
Recommendation
SELL STOP
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Entry Point
96.80
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Take Profit
89.44, 76.75
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Stop Loss
99.25
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Key Levels
76.75, 89.44, 96.83, 115.00, 120.00
