American Express Company: wave analysis
11 September 2017, 08:31
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 84.19 |
| Take Profit | 90.00 |
| Stop Loss | 82.25 |
| Key Levels | 82.00, 83.70, 90.00 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 83.60 |
| Take Profit | 82.00 |
| Stop Loss | 84.20 |
| Key Levels | 82.00, 83.70, 90.00 |
Correction is ending. The growth of the price is expected.
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 formation of the downward correction as a fourth wave of the lower level (iv) of v of 3 is ending. If the assumption is correct, the price will grow to the level of 90.00 in the nearest future. The level of 83.70 is critical for this scenario.
Main scenario
Long positions can be opened after the rebound and above the level of 83.70 with the target at 90.00.
Alternative scenario
The breakdown and the consolidation of the price below the level of 83.70 will let the price go down to the level of 82.00.
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 formation of the downward correction as a fourth wave of the lower level (iv) of v of 3 is ending. If the assumption is correct, the price will grow to the level of 90.00 in the nearest future. The level of 83.70 is critical for this scenario.
Main scenario
Long positions can be opened after the rebound and above the level of 83.70 with the target at 90.00.
Alternative scenario
The breakdown and the consolidation of the price below the level of 83.70 will let the price go down to the level of 82.00.
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