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American Express Co., Elliot Wave Analysis

10/20/2022 10:37 AM

Growth is possible.

On the daily chart, the fifth wave of the higher level (5) develops, within which the wave 3 of (5) formed, and a downward correction ended as the fourth wave 4 of (5). Now, the formation of the fifth wave 5 of (5) has started, within which the first entry wave of the lower level (i) of i of 5 is forming. If the assumption is correct, the asset will grow to the area of 168.68–199.25. In this scenario, critical stop loss level is 129.89.

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