AXP, C updates 10/24

AXP: Counts best as having recently completed (grey) minute-iv of (green) minor-5 of (red) intermediate-v of (black) major-3. This means it is most likely now forming an important top and major-4 should drop back to around $80-$76 before major-5 takes price to new All Time Highs (ATHs). It’s unclear if the current minute-v will extend or not, but upside potential may now become much less compared to the downside risk.



C: Ideally still need a (green) minor-5 wave up, which could now be underway to new ATHs. The recent decline was rather fast and deep for a 4th wave, but since minor-2 was shallow and short, it fits the bill of “alternation between 2nd and 4th waves” In addition, the Money Flow peaked at overbought levels right the (grey) minute-iii high, and more often than not this means that price will continue higher even after a decline; as there’s simple been put a lot of money into the stock and liquidity is what drives the markets. Lastly, the MACD is also setting up for a classic 3rd wave high, 4th wave low, and now a possible marginal buy signal for the final 5th wave. If all is correct than major-5 should top close to $77ish.

C daily