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American Express Co., Elliot Wave Analysis

1/26/2023 10:07 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, a downward correction ended as the fourth wave 4 of (5), and the formation of the fifth wave 5 of (5) started. Now, the entry first wave of the lower level i of 5 has ended, a local correction has formed as the second wave ii of 5, and the development of the third wave iii of 5 has started, within which the wave (iii) of iii is developing. If the assumption is correct, the asset will grow to the area of 171.00–193.45. In this scenario, critical stop loss level is 144.36.

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