American Express Co.: wave analysis 13 December 2019, 08:58

American Express Co.: wave analysis

13 December 2019, 08:58

Scenario
Timeframe	Weekly
Recommendation	BUY
Entry Point	122.65
Take Profit	129.40, 137.00
Stop Loss	120.40
Key Levels	88.95, 104.54, 114.33, 129.40, 137.00

Alternative scenario
Recommendation	SELL STOP
Entry Point	114.30
Take Profit	104.54, 88.95
Stop Loss	117.55
Key Levels	88.95, 104.54, 114.33, 129.40, 137.00

The price may grow.
On the 4-hour chart, the fifth wave of the higher level (5) of A develops, within which the wave 5 of (5) forms. Now, the first wave of the lower level i of 5 has formed, and the local correction as the wave ii of 5 has ended. If the assumption is correct, the price will grow to the levels of 129.40–137.00. In this scenario, critical stop loss level is 114.33.


Main scenario
Long positions will become relevant during the correction, above the level of 114.33 with the targets at 129.40–137.00. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 114.33 will let the price go down to the levels of 104.54–88.95.