American Express Co.: wave analysis 15 February 2019, 09:05

American Express Co.: wave analysis

15 February 2019, 09:05

Scenario
Timeframe	Weekly
Recommendation	BUY
Entry Point	106.61
Take Profit	114.53, 112.00
Stop Loss	102.31
Key Levels	88.93, 96.23, 102.31, 112.00, 114.53

Alternative scenario
Recommendation	SELL STOP
Entry Point	102.25
Take Profit	96.23, 88.93
Stop Loss	104.25
Key Levels	88.93, 96.23, 102.31, 112.00, 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 5 is forming. If the assumption is correct, the price will grow to the levels of 114.53–112.00. In this scenario, critical stop loss level is 102.31.


Main scenario
Long positions will become relevant during the correction, above the level of 102.31 with the targets at 114.53–112.00. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 102.31 will let the price go down to the levels of 96.23–88.93.