American Express Company: wave analysis
10 November 2017, 08:31
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 93.72 |
| Take Profit | 99.50 |
| Stop Loss | 91.80 |
| Key Levels | 83.90, 87.75, 90.30, 99.50 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 90.20 |
| Take Profit | 87.75, 83.90 |
| Stop Loss | 91.00 |
| Key Levels | 83.90, 87.75, 90.30, 99.50 |
The trend is upward.
On the 4-hour chart the upward momentum is forming as a fifth wave v within the third wave 3 of the higher level. Locally the downward correction of the lower level iv of (v) of v of 3 is developing. If the assumption is correct, the price will grow to the level of 99.50. The level of 90.30 is critical for this scenario.
Main scenario
Long positions will become relevant above the level of 90.30 with the target at 99.50.
Alternative scenario
The breakdown and the consolidation of the price below the level of 90.30 will let the price go down to the levels of 87.75–83.90.
On the 4-hour chart the upward momentum is forming as a fifth wave v within the third wave 3 of the higher level. Locally the downward correction of the lower level iv of (v) of v of 3 is developing. If the assumption is correct, the price will grow to the level of 99.50. The level of 90.30 is critical for this scenario.
Main scenario
Long positions will become relevant above the level of 90.30 with the target at 99.50.
Alternative scenario
The breakdown and the consolidation of the price below the level of 90.30 will let the price go down to the levels of 87.75–83.90.