AXP, CMG update 04/20

AXP:  Gapped up on earnings. now in intermediate v of major 3. should target $83 for a typical 1.618x extension for major 3. BUT, intermediate iii tagged the 1.50x extension of major 1, which is a bit uncommon. Therefore major 3 may likely go the the 1.75x to 2.00x extension $88-$90. Right now intermediate v should be in minor-1. Ideally intermediate-v should subdivide, but 5th waves can sometimes be simple “one wave”. Time will tell.

AXP

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CMG: Daily chart starts to look constructive again with price back above the SMAs and the SMAs turning into a bullish setup: 20>50>100>150>200 and all pointing up. Looks like we may have a 1, 2, i set up so far.

cmg

The monthly chart is also starting to look constructive: price bottomed right in the ideal 50-61% retrace zone for a 2nd wave (cycle 2), and moved back above the 20m SMA as well as the green long term trend line. Price found support at the 100m SMA, and money has been flowing back into the stock and the monthly MACD gave a buy signal. All good in our opinion.

cmg monthly