American Express Co.: wave analysis 05 December 2018, 08:40

American Express Co.: wave analysis

05 December 2018, 08:40

Scenario
Timeframe	Weekly
Recommendation	BUY
Entry Point	107.54
Take Profit	117.50
Stop Loss	105.11
Key Levels	95.30, 99.73, 105.11, 117.50

Alternative scenario
Recommendation	SELL STOP
Entry Point	105.00
Take Profit	99.73, 95.30
Stop Loss	106.75
Key Levels	95.30, 99.73, 105.11, 117.50

The price may grow.
On the 4-hour chart, the fifth wave of the higher level 5 of (5) of A forms. Now the wave v of 5 of the lower level is developing, within which the wave (iii) of v has formed, and the correction (iv) of v is ending. If the assumption is correct, the price will grow to the level of 117.50. In this scenario, critical stop loss level is 105.11.


Main scenario
Long positions will become relevant during the correction, above the level of 105.11 with the target at 117.50. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 105.11 will let the price go down to the levels of 99.73–95.30.