American Express Co.: wave analysis 23 May 2018, 09:24

American Express Co.: wave analysis

23 May 2018, 09:24

Scenario
Timeframe	Weekly
Recommendation	BUY
Entry Point	102.69
Take Profit	108.00, 111.22
Stop Loss	97.40, 95.40
Key Levels	90.00, 95.40, 108.00, 111.22

Alternative scenario
Recommendation	SELL STOP
Entry Point	95.30
Take Profit	90.00
Stop Loss	97.10
Key Levels	90.00, 95.40, 108.00, 111.22

The trend is upward.
On the 4-hour chart, the upward momentum is forming within the fifth wave of the higher level (5). Now the third wave of the lower level iii of 5 is forming, within which the wave (v) of iii is developing. If the assumption is correct, the price will grow to the levels of 108.00–111.22. The level of 95.40 is critical and stop-loss for this scenario.


Main scenario
Long positions will become relevant during the correction, above the level of 95.40 with the targets at 108.00–111.22. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 95.40 will let the price go down to the level of 90.00.