AMERICAN EXPRESS CO.: WAVE ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 235.80 |
| Take Profit | 214.60, 204.70 |
| Stop Loss | 245.10 |
| Key Levels | 204.70, 214.60, 245.10, 258.00, 275.00 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 245.15 |
| Take Profit | 258.00, 275.00 |
| Stop Loss | 240.85 |
| Key Levels | 204.70, 214.60, 245.10, 258.00, 275.00 |
The price is in a correction and a fall is possible.
On the daily chart, the third wave of the higher level (3) forms, within which a downward correction ended as the fourth wave 4 of (3), and the fifth wave 5 of (3) develops. Now, the third wave of the lower level the wave iii of 5 has formed, and a local correction has started as the fourth wave iv of 5. If the assumption is correct, the price of the asset will fall to the area of 214.60–204.70. In this scenario, critical stop loss level is 245.10.
Main scenario
Short positions will become relevant below the level of 245.10 with the targets at 214.60–204.70. Implementation period: 7 days and more.
Alternative scenario
A breakout and the consolidation of the price above the level of 245.10 will let the asset grow to the area of 258.00–275.00.
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