American Express Co.: wave analysis 12 December 2018, 10:06

American Express Co.: wave analysis

12 December 2018, 10:06

Scenario
Timeframe	Weekly
Recommendation	SELL
Entry Point	105.38
Take Profit	95.30
Stop Loss	114.54
Key Levels	95.30, 114.54, 117.50

Alternative scenario
Recommendation	BUY STOP
Entry Point	114.60
Take Profit	117.50
Stop Loss	113.60
Key Levels	95.30, 114.54, 117.50

The probability of decline remains.
On the H4 chart, the fifth wave of the higher level 5 of (5) of A has been completed. At the moment, it seems that the downward correction has begun as wave B, within which the first wave 1 of (A) of B is being formed. If the assumption is true, the decline will continue to the level of 95.30. The critical level for this scenario is 114.54.


Main scenario
Short positions will become relevant below the level of 114.54 with the target at 95.30. Implementation period: 7+ days.
Alternative scenario
Breakout and consolidation of the price above the level of 114.54 will allow the asset to continue to grow to the level of 117.50.