American Express Co.- wave analysis and scenario of entry point
On the 4-hour chart, a downward correction of the senior level is being formed as wave B, in which wave (A) of B was formed, and the development of an upward correction of the junior level as wave (B) of B is completed. At the moment, the local correction in as wave 2 of (C), and wave 3 of (C) began to develop. If this assumption is correct, then the price will decline to the levels of 76.75–66.72. The critical stop-loss level for this scenario is the level of 105.74.
Main scenario
Short positions are relevant from corrections below the level of 105.74 with targets at 76.75-66.72. Implementation period: 7 days or more.
Alternative scenario
Breakdown and consolidation of the price above the level of 105.74 will allow the instrument to rise to the levels of 115.00-120.00.
Scenario of entry point
Timeframe Weekly
SELL recommendations
Entry point 96.60
Take Profit 76.75, 66.72
Stop Loss 105.74
Key levels 66.72, 76.75, 105.74, 115.00, 120.00
Alternative scenario
BUY STOP recommendations
Entry point 105.80
Take Profit 115.00, 120.00
Stop Loss 102.70
Key levels 66.72, 76.75, 105.74, 115.00, 120.00
