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American Express (AXP) Hit Target Extending in wave ((5))

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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 April 2024

AXP Weekly Chart April 2024

The stock has been building an extension as wave (V) of ((I)). Wave I ended at 189.03 high. Then, wave II built an expanded flat correction ending at 130.65 low. The wave ((1)) of III completed at 182.15 and pullback as a flat correction ended wave ((2)) at 140.91. From here, AXP started a strong rally that was wave ((3)) of III and we were looking for buying opportunities to trade in favor of the trend. (If you want to learn more about Elliott Wave Theory, follow these links: Elliott Wave Education and Elliott Wave Theory)

AXP Weekly Chart August 2024

After 4 months, AXP continued the rally as expected. It ended wave (3) of ((3)) at 244.41 high. The pullback as wave (4) finished at 220.74 low and market resumed to the upside in wave (5) of ((3)). This cycle ended at 256.24 high and we had strong pullback as wave ((4)) retesting last wave (4) low around 222.03. The market was trading in wave ((5)) higher. If there was not more extensions, this wave ((5)) of III could reach 264.28 – 277.31 area where AXP could begin a large correction in wave IV.

AXP Weekly Chart January 2025

AXP Weekly Chart January 2025

The rally continued as expected hitting the target of 264.28 – 277.31 area. The market has extended the wave ((5)) and the structure looks incomplete. With this extension, we adjusted a little bit the count. Also, we can see how wave 4s pulled back to the typical level of 23.6% Fib retracement of a wave 3. Wave ((4)) retraced to 220.24 and wave (4) to around 287. Currently, AXP is trading in wave (5) and it could reach to 320.00 before starting wave IV correction. We cannot deny more extensions, inclusive we are using a conservative view because AXP could be still trading in wave ((3)). For now, we are going to wait for a reaction lower from around 320.00 to retest 280.00 – 290.00 area and see how the market structure is developing.

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The Travelers TRV is Looking for more Upside to End an Impulse

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The Travelers Companies, Inc., TRV, is an American insurance company. It is the second-largest writer of U.S. commercial property casualty insurance, and the sixth-largest writer of U.S. personal insurance through independent agents.

Weekly TRV Chart July 2024

In July, we saw a rally as expected, but missing the blue box by 5 dollars. Also, we adjusted the count in TRV weekly chart. We are still trading in wave ((III)), but with the new data, the stock is still in wave (I) of ((III)). Therefore, wave I higher ended at 187.98 and pullback as wave II finished at 149.65 low. The price rallied again breaking wave I high suggesting that wave III of (I) had started. Then, wave ((1)) of III ended at 194.51 and the correction that we are expecting to enter the market ended at 157.33 low as wave ((2)). From here, we can see a strong momentum to the upside ending wave ((3)) of III at 232.75 high. Wave ((4)) of III built a zigzag correction ended at 200.21 low.

We were looking one more push to the upside to complete wave ((5)) of III and wave III of (I) before starting a retracement in wave IV of (I).  The possible area to end wave ((5)) was in 240.74 – 253.27 where we are expecting a reaction lower to think that the cycle was ended. (If you want to learn more about flat corrections, please follow these links: Elliott Wave Education and Elliott Wave Theory). 

Weekly TRV Chart December 2024

Weekly TRV Chart December 2024

In December chart, we can see the market rallied reaching 269.56 high, above of the expected area in 240.74 – 253.27. Here, TRV reacted downwards giving the idea that wave IV had already started. Therefore, we called the 269.56 high as wave III. We expect to continue lower to complete wave IV in the form of a flat structure. This could end up in the 241.57 – 234.99 area, and then see one more rally on wave V. If the next rally is not extended, the wave V should end in 277.35 – 289.10 area, but we cannot rule out a bullish extension. After reaching the 277.35 – 289.10 area, the market should break below wave IV to confirm that wave V and wave (I) are over to avoid extensions, and that we have entered in the retracement of wave (II).

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AT&T Inc. (T) Reacted from the Blue Box and Rally Must Continue

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AT&T Inc. (T) is an American multinational telecommunications holding company headquartered in Dallas, Texas. It is the world’s largest telecommunications company by revenue and the third-largest provider of mobile telephone services in the U.S.

AT&T (T) Monthly Chart April 2024                               

AT&T (T) Monthly Chart April 2024

Above we have montly chart from 5 months ago. We can see that AT&T shares finished an all-time high with a price of $45.23 as wave ((I)). Since the beginning of 1999, the value held a downtrend and we were looking to end this correction. Using the Elliott Wave Principle, a double correction structure (w), (x) and (y) can be clearly seen. From the peak, we have 3 waves in a flat structure that ended wave (w) at $14.17 low. Then, we had another flat structure that built a wave (x) ending in the value of $33.33 high.

The last leg of the double correction is the wave (y). We had already completed wave a and b of (y), and we were developing wave c as an ending diagonal. The market had already reached the blue box in the $8.58 – $16.75 area expecting a rally soon because the market had break wave (w) low and the cycle could have ended. However, we were looking for one more leg lower to complete a clear structure below $13.43 to end wave ((II)) correction and resume the rally.

AT&T (T) Monthly Chart September 2024                          

AT&T (T) Monthly Chart September 2024

On the current monthly chart, we can see the rally that left the blue box. This invalidated the bearish continuation of the ending diagonal as wave c. The rally does not mean that T cannot resume to the downside again. To confirm that wave ((II)) is over at $13.43 low, the market needs to break above of wave (x) high. Until then, T could make perfectly any other structure that leads us to lower prices.

AT&T (T) Weekly Chart September 2024                                                               

AT&T (T) Weekly Chart September 2024

The weekly chart above shows how the wave ((5)) of c of the ending diagonal completed the structure. The (A), (B), (C) looks like more as the wave ((1)) and we were looking for one more like wave ((3)). That is why we were calling for more one more leg lower. Wave ((II)) ended at $13.43 low and rally and it should be developing an impulse higher as wave I. The first leg higher as wave ((1)) ended at $18.16 high. Wave ((2)) pullback finished at $15.94 low and rally again. AT&T has pushed strongly higher breaking the pivots of the RSI in the weekly timeframe, suggesting the market cycle is over. Now, we should expect to build an impulse structure as the chart before seeing 3, 7 or 11 swings correction as wave II.

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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.

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FORD (F) is Still Not Ready to Resume the Rally

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Ford Motor Company is an American multinational automobile manufacturer headquartered in Dearborn, Michigan, United States. It was founded by Henry Ford and incorporated on June 16, 1903. The company sells automobiles and commercial vehicles under the Ford brand, and luxury cars under its Lincoln luxury brand.

FORD (F) Daily Chart August 2023

FORD (F) Daily Chart August 2023One year ago, we called that Ford (F) needed more downside as price action stays below 16.68 high to complete a wave II correction around 7.60 – 4.14 area. In January 2022 Ford made a high at 25.87 and we called wave I and the market started a wave II correction. Down from this high, the stock developed a zig zag correction ending at 10.90 low and we called wave ((W)). Since then, shares entered in a sideways phase. In this range, after ((W)) a flat correction took a part building wave ((X)) connector ending at 16.68 high.

FORD (F) Daily Chart April 2024

FORD (F) Daily Chart April 2024

The Market continued lower and we are expecting a double correction (W), (X), (Y) to complete wave ((Y)). Down from August 2022 high, we can see 3 swings lower ending wave W at 10.90. The market bounce in 3 swings higher as a flat correction finishing wave X at 15.42 high. Then, another 3 swings zig zag correction fell completing wave Y at 9.63 low and also wave (W). A new rally started from wave (W) low to develop a structure of 3 swings as wave (X). (If you want to learn more about Elliott Wave Theory, follow these links: Elliott Wave Education and Elliott Wave Theory).

FORD (F) Daily Chart August 2024

First leg higher ended wave A of (X) at 13.95 high and wave B pullback finished at 11.48. wave C ended at 14.85 high and also the connector (X) in higher degree. From this price, Ford has continued to the downside in wave (Y) of ((Y)) of II to complete the whole correction from January 2022 high. This wave (Y), we are calling as double correction W, X, Y.  The market broke the last low of wave (W) ending wave ((a)) of W at 9.49 low. We are expecting 3 swings higher in wave ((b)) to fail below 14.85 high to continue lower. If market breaks above 14.85, the wave II correction could be completed and we are going to look for buying opportunities only.

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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.

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Could be the Last Buying Opportunity on American Express (AXP)?

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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 April 2024

AXP Weekly Chart April 2024

The stock was building an extension as wave (V) of ((I)). Wave I ended at 189.03 high. Then wave II built an expanding flat correction ending at 130.65 low. The wave ((1)) of III completed at 182.15 and pullback as a flat correction ended wave ((2)) at 140.91. From here, AXP started a strong rally that was wave ((3)) of III and the market was trading in wave (3) of ((3)). We were calling one more leg higher to end wave (3) and any pullback after wave (3) was ended, we looked for buying opportunities to trade in favor of the trend. (If you want to learn more about Elliott Wave Theory, follow these links: Elliott Wave Education and Elliott Wave Theory)

AXP Weekly Chart August 2024

After 4 months, AXP continued the rally as expected. It ended wave (3) of ((3)) at 244.41 high. The pullback as wave (4) finished at 220.74 low and market resumed to the upside in wave (5) of ((3)). This cycle ended at 256.24 high and we had strong pullback as wave ((4)) retesting last wave (4) low around 222.03. Actually, the market is trading in wave ((5)) higher. If there is not more extensions. This wave ((5)) of III could reach 264.28 – 277.31 area where AXP could begin a large correction in wave IV.

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.

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Elliott Wave Intraday Analysis: YM_F should Resume the Rally

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Short Term Elliott Wave View in E-Mini Dow Jones Futures (YM_F) suggests the trend should continue higher within the sequence started from April-2023 low as the part of daily sequence. It favors upside in wave ((5)) while dips remain above 38535 low. Since April-2024 high of (3), it starts to move sideways for almost 3 months to build a triangle structure. This triangle completed wave (4) at 39284 low. The market resumed the rally building an impulse as wave (5) ended at 41672 high and also wave ((3)) in higher degree.

YM_F begins a big correction in July 18 high. Down from wave ((3)), the index did an impulse structure to complete a wave (A) at 40053 low. Then, the market did a bounce developing a double correction as wave (B). Up from wave (A), wave W ended at 41051 high. The connector X ended at 40606 low and last push higher completed wave Y at 41427 and also wave (B). The market resumed to the downside forming another impulse as wave (C) of ((4)). It placed 1 of (C) at 41028 low, 2 at 41305 high, 3 at 39518 low, 4 at 39880 high and finally 5 at 38541 to complete wave (C) and wave ((4)). While price action stays above 38541 low, we are calling for more upside to continue the rally as wave ((5)).

E-Mini Dow Jones Futures (YM_F) 60 Minutes Elliott Wave Chart

E-Mini Dow Jones Futures (YM_F) 60 Minutes Elliott Wave Chart

YM_F Elliott Wave Video