American Express Co.: wave analysis 01 February 2019, 08:39

American Express Co.: wave analysis

01 February 2019, 08:39

Scenario
Timeframe	Weekly
Recommendation	BUY
Entry Point	102.70
Take Profit	108.77, 114.53
Stop Loss	96.70
Key Levels	82.45, 88.88, 96.18, 108.77, 114.53

Alternative scenario
Recommendation	SELL STOP
Entry Point	96.10
Take Profit	88.88, 82.45
Stop Loss	98.50
Key Levels	82.45, 88.88, 96.18, 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 third wave of the lower level (iii) of i of 5 is forming. 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 96.18.


Main scenario
Long positions will become relevant during the correction, above the level of 96.18 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 96.18 will let the price go down to the levels of 88.88–82.45.