American Express Co.: wave analysis 18 January 2019, 08:35

American Express Co.: wave analysis

18 January 2019, 08:35

Scenario
Timeframe	Weekly
Recommendation	BUY
Entry Point	99.49
Take Profit	108.77, 114.53
Stop Loss	90.30
Key Levels	74.89, 82.48, 88.90, 108.77, 114.53

Alternative scenario
Recommendation	SELL STOP
Entry Point	88.80
Take Profit	82.48, 74.89
Stop Loss	90.90
Key Levels	74.89, 82.48, 88.90, 108.77, 114.53

The price may grow.
On the 4-hour chart, the correctional wave of the higher level 4 of (5) of A formed. Now the development of the fifth wave 5 of (5) has begun, within which the first wave of the lower level (i) of i of 5 has formed. If the assumption is correct, the price will grow to the levels of 108.77–114.53. In this scenario, critical stop loss level is 88.90.


Main scenario
Long positions will become relevant during the correction, above the level of 88.90 with the targets at 108.77–114.53. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 88.90 will let the price go down to the levels of 82.48–74.89.