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.