American Express Co.: wave analysis 15 August 2018, 10:03

American Express Co.: wave analysis

15 August 2018, 10:03

Scenario
Timeframe	Weekly
Recommendation	SELL
Entry Point	102.16
Take Profit	95.45, 90.60
Stop Loss	104.23
Key Levels	90.60, 95.45, 104.23, 108.00

Alternative scenario
Recommendation	BUY STOP
Entry Point	104.30
Take Profit	108.00
Stop Loss	103.10
Key Levels	90.60, 95.45, 104.23, 108.00

The price can fall.
On the 4-hour chart, the fifth wave of the higher level (5) of A formed. Now the development of the downward correction as a wave B begins, within which the first wave of the lower level I is forming. If the assumption is correct, the price will fall to the levels of 95.45–90.60. The level of 104.23 is critical and stop loss for this scenario.


Main scenario
Short positions will become relevant during the correction, below the level of 104.23 with the targets at 95.45–90.60. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 104.23 will let the price grow to the level of 108.00.