American Express Company (Amex), symbol AXP, is an American multinational financial services corporation that specializes in payment cards. Headquartered in New York City, it is one of the most valuable companies in the world and one of the 30 components of the Dow Jones Industrial Average.
AXP Weekly Chart August 2023
We believe that the AXP ended a Great Super Cycle at the peak of 199.55 which we call wave ((I)). The stock started a bearish structure (a), (b), and (c). Wave (a) built a leading diagonal. The first fall reached 155.72 ending wave I. The market bounded strongly ending wave II at 194.35 and then continued with a bearish movement. We can see from wave II a clear impulse lower to complete wave III at 134.12. Then the wave IV correction ended at 166.06, within the wave I zone thus creating the leading diagonal. Finally, the last leg towards 130.65 ended wave V and wave (a) in October 2022 low. The market bounced beginning a wave (b) correction. We called a double correction w, x, y Elliott structure given the market conditions in that moment.
AXP Weekly Chart December 2023
Up from October 2023 low, we can see clearly 3 swings higher ending wave w at 182.15. Then 3 swings lower ended wave x connector at 140.91 hitting 100% Fibonacci extension. Currently, AXP is trading in wave y of (b). The equal legs extension from waves w and x comes in 192.29. Therefore, the area we could look for selling opportunities is 192.92 – 199.55 (invalidation level). We must see a reaction lower in the zone to think that wave (b) is finished because we cannot rule out a flat correction as wave ((II)). In that case, wave (b) could break slighly higher above 199.55 before resuming lower in wave (c). Once wave (b) is done, we can calculate the ideal area to end wave (c) of ((II)) as target. (If you want to learn more about Elliott Wave Theory, follow these links: Elliott Wave Education and Elliott Wave Theory)
Elliott Wave Forecast
www.elliottwave-forecast.com updates one-hour charts 4 times a day and 4-hour charts once a day for all our 78 instruments. We do a daily live session where we guide our clients on the right side of the market. In addition, we have a chat room where our moderators will help you with any questions you have about what is happening in the market.
14 day Trial costs $9.99 only. Cancel anytime at support@elliottwave-forecast.com
Back
